United States · United States Congress · 4 April 1979
Amends the Immigration and Nationality Act to allow certain aliens applying as immigrants to be given preference visas as children of United States citizens provided such an alien: (1) requests such treatment; (2) was born after 1950 in Korea, Vietnam, Laos, or Thailand; (3) was fathered by an American serviceman; and (4) provides a guarantee of financial support. Stipulates that such guarantee must: (1) be signed by a United States citizen or lawful permanent resident who is at least 21 years old; and (2) provide that such signing sponsor will provide necessary financial support for five years. Allows the Attorney General to enforce such guarantee against the sponsor in a civil suit unless such sponsor dies or is adjudicated bankrupt.
United States · United States Congress · 29 March 1979
Permits civil suits under the Civil Rights Act by an individual against any person acting under color of any law or custom of the District of Columbia who subjects any person within the jurisdiction of the District to the deprivation of any right, privilege, or immunity secured by the Constitution and laws. Deems, for purposes of this Act, any Act of Congress applicable exclusively to the District of Columbia to be a statute of the District of Columbia. Extends the original jurisdiction of Federal district courts to encompass such actions.
United States · United States Congress · 29 March 1979
Amends the District of Columbia Redevelopment Act of 1945 to revise the standards requiring written consent for the purchaser or lessee with regard to a modification of an approved redevelopment plan. Approves two amendments to the urban renewal plan for Southwest, Washington, D.C.
United States · United States Congress · 28 March 1979
Amends the District of Columbia Self-Government and Governmental Reorganization Act to increase the annual Federal payment to the District of Columbia, for fiscal year 1980 and subsequent fiscal years, from $300,000,000 to $317,000,000.
United States · United States Congress · 20 March 1979
Authorizes the Joint Committee on the Library to procure a bust or statue of Martin Luther King, Junior, to be placed in a suitable location in the Capitol. Authorizes appropriations not to exceed $25,000 for such purpose
United States · United States Congress · 13 March 1979
Elephant Protection Act of 1979 - Directs the President to propose to the Convention on International Trade in Endangered Species that all trade in elephant products be suspended until large and healthy elephant populations have been reestablished and are biologically stable. Prohibits the importation into or exportation from the United States of elephant products. Prohibits the possession, transportation, or sale of such products. Provides for administration of this Act by the Secretary of the Interior. Authorizes the Secretary to grant permits for scientific purposes or to enhance elephant propagation. Prescribes the conditions for granting of such permits. Sets forth civil and criminal penalties for violations of this Act. Authorizes the payment of rewards to persons furnishing information concerning violations of this Act. Grants specified search and seizure powers for enforcement of this Act by authorized persons. Preempts any incompatible State laws.
United States · United States Congress · 5 March 1979
Senior Citizens Health Insurance Reform Act of 1979 - Directs the Secretary of Health, Education, and Welfare to institute a program of voluntary certification for health insurance policies sold in supplementation of medicare. Sets forth minimum standards for such certification with respect to liability, cancellation, reasonableness of premium charge, and economic benefit to the insured. Establishes criminal penalties for: (1) misrepresentations in connection with such certification; (2) the sale of specified types of duplicate insurance; and (3) certain activities in connection with the sale of insurance policies in States which have not approved such policies.
United States · United States Congress · 1 March 1979
Fair Housing Amendments Act of 1979 - Amends Title VIII of the Civil Rights Act of 1968 (the Fair Housing Act) to exempt only the renting of space within a single family dwelling unit by the occupant of such unit to any other person from the prohibitions against discrimination in the sale or rental of housing. Prohibits insurers against hazards from discriminating in housing insurance contracts. Includes the handicapped within the groups that may not be discriminated against in housing. Prohibits discrimination in housing finance because of the national origins of people residing in the vicinity of the dwelling involved. Prohibits discrimination in the buying of debts secured by real property. Includes Federal agencies having regulatory authority over financial institutions within the administrative authority of the Secretary of Housing and Urban Development. Revises the procedures for enforcing the fair housing antidiscrimination provisions of the Act. Permits the Secretary to enforce the provisions upon receiving a charge filed by an aggrieved party within one year after the alleged discrimination occurred or upon the Secretary's initiative. Permits the Secretary to refer charges to certified State or local agencies to take action. Directs the Secretary and other Federal agencies to cooperate and avoid duplication of their efforts. Authorizes the Secretary to order preliminary relief in certain circumstances. Sets forth the procedures to be followed when the Secretary has an administrative hearing on a complaint. Permits aggrieved individuals to commence civil actions within three years of the alleged discriminatory practice. Prohibits proceedings by both the Secretary and the aggrieved individual. Authorizes the Attorney General (1) to intervene in an aggrieved individual's civil action and (2) to commence a civil action (a) against a person engaged in a pattern or practice of resistance to these provisions or (b) to enforce the Secretary's findings or orders. Permits the aggrieved individual to intervene in an action commenced by the Attorney General. Allows prevailing parties reasonable attorney fees. Grants exclusive jurisdiction to the court of appeals to determine the validity of the Secretary's final orders under this Act.
United States · United States Congress · 27 February 1979
Small Business Procurement Reform Act of 1979 - Requires any Government procurement contract to which a notice for bidding is published in the Commerce Business Daily to remain open for bidding for at least 30 days. Establishes exceptions to such requirement in specified circumstances. Amends the Small Business Act to establish a goal of 20 percent participation by small business concerns within each Federal agency for the procurement of items which the Small Business Administration determines can be produced by small business. Directs each Federal agency to take all feasible steps to subdivide large procurements into smaller components on which small businesses can bid. Requires any Federal agency to provide small business concerns, upon request, copies and summaries of laws and regulations materially affecting the performance of contracts open for bids under $100,000. Establishes Government contract arbitration panels within the Small Business Administration to facilitate the resolution of disputes between any small business concern and any Federal agency having procurement authority. Establishes the Small Business Procurement Advisory Committee.
United States · United States Congress · 26 February 1979
Postal Service Employees' Political Activities Act of 1979 - Declares it to be the policy of Congress to encourage employees of the United States Postal Service to exercise their rights to participate or refrain from participating in political processes. Prohibits such employees from: (1) using their official authority to influence the result of any election or the political action of any person; (2) using any information obtained through employment and not publicly available for any political purpose; (3) giving or offering to give a political contribution to any individual either to vote or refrain from voting; (4) soliciting or receiving a political contribution to vote or refrain from voting; (5) knowingly giving a political contribution to a superior; (6) knowingly soliciting or receiving a political contribution from another employee with respect to whom such employee is a superior; or (7) knowingly soliciting or receiving a political contribution in specified facilities or from any person who has or is seeking business relations with the employee's agency. Directs the Postal Service and the Postal Rate Commission to prescribe certain exemptions to such prohibitions. Prohibits employees from engaging in political activities while on duty, while wearing a uniform or official insignia identifying their position, or in designated areas. Requires a postal employee to notify his agency (U.S. Postal Service or the Postal Rate Commission, as applicable) upon becoming a candidate for elective office. Permits such employee to take annual leave or leave without pay to engage in activities related to his candidacy. Sets forth the penalties to be imposed against any employee who is found by the Merit Systems Protection Board to have violated provisions of this Act. Requires the Postal Service to study and report to Congress on the effects of this Act on the political activities of employees, the merit system, and matters generally contributing to the improper use of official authority or information by employees.
United States · United States Congress · 26 February 1979
Young Families Homeownership Act of 1979 - Amends the Internal Revenue Code to allow individuals who are saving for their first home an income tax credit for 20 percent of the cash contributions made during the taxable year to an individual housing account. Limits the amount of such credit to $500 for any taxable year and $2,000 during a lifetime. Sets forth requirements for the establishment of an individual housing account. Imposes penalties for distributions made from an individual housing account which are not used in connection with the purchase of a principal residence. Exempts interest earned on an individual housing account from income taxation. Requires the trustee of an individual housing account to make such reports regarding the maintenance of an individual housing account as the Secretary of the Treasury may require. Prohibits contributions to an individual housing account in excess of prescribed limits and imposes a tax on such excess contributions equal to the tax on excess contributions to an individual retirement account.
United States · United States Congress · 22 February 1979
Amends the Internal Revenue Code, with regard to income averaging, to reduce the base period income of an individual by the zero bracket amount. Specifies a new formula for computing the tax on averageable income, taking such reduction of base period income into consideration.
United States · United States Congress · 13 February 1979
Authorizes appropriations for the use by the Phelps-Stokes Fund for the acquisition of a monument to Doctor Ralph J. Bunche and its erection in United Nations Plaza Park in New York City.
United States · United States Congress · 8 February 1979
Amends the Bank Holding Company Act Amendments of 1970 to authorize the Administrator of General Services to sell silver dollars by negotiation at such prices and in such manner as may be deemed proper by the Administrator.
United States · United States Congress · 8 February 1979
Civil Rights Amendments Act of 1979 - Authorizes the Attorney General to institute a civil action when an individual is denied use of a public facility because of the individual's affectional or sexual orientation. Prohibits the discrimination on the basis of an individual's affectional or sexual orientation in Federally assisted programs, employment, or housing. Authorizes the Attorney General to intervene in actions charging such discrimination. Prescribes penalties for interfering with an individual's right to housing on the basis of the individual's affectional or sexual orientation. Prohibits: (1) the use of statistical differences in determining whether such discrimination exists; or (2) requiring quotas as a remedy .
United States · United States Congress · 1 February 1979
National Capital Transportation Amendments of 1979 - Amends the National Capital Transportation Act of 1969 to authorize the Secretary of Transportation to make additional contributions to the Washington Metropolitan Area Transit Authority to partially finance the cost of construction of the Adopted Regional System. Imposes limitations and conditions upon the use of such contributions. Authorizes appropriations to carry out the purposes of this Act. Eliminates the authorizations ceiling for both Federal and District of Columbia contributions to the System. Requires the Transit Authority to establish a sinking fund for the accumulation of assets for payment of principal and interest on bonds issued by the Transit Authority. Establishes the percentage of contributions to be made by the Secretary and the local participating governments to this fund. Makes additional and technical changes in such Act to conform with the amendments made by this Act.
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to disregard that portion of the value of any copyright, or literary, musical, or artistic work created by the decedent which would not have been capital gain if such work had been sold by the decedent at its fair market value.
United States · United States Congress · 22 January 1979
Intergovernmental Antirecession and Supplementary Fiscal Assistance Amendments of 1979 - Amends the Public Works Employment Act of 1976 to add to the congressional findings under such Act that both an antirecession fiscal assistance program and a supplementary fiscal assistance program which aid governments requiring fiscal relief are essential elements of a sound Federal fiscal policy. Extends the authorization of appropriations for antirecession fiscal assistance through September 30, 1980. Provides for the suspension of such assistance in certain circumstances if the unemployment rate does not exceed six percent. Amends such Act to require the Secretary of Labor to calculate the unemployment rate for specified units of local governments, within or encompassing standard metropolitan statistical areas, using the population survey methodology used prior to January 1, 1978, if such rates are higher than under the current methodology. Requires the Secretary of Commerce to reallocate any undistributed excess amounts among the States and local governments proportionately. Repeals the requirement that States and local governments file statements with the Secretary containing certain reporting assurances. Authorizes the Secretary to make supplemental payments to local governments whose allocation would be reduced as a result of calculating unemployment rates by a new formula. Directs the Secretary of Labor to provide the Secretary of Commerce with necessary information and to determine unemployment rates for each State and local government. Authorizes the Secretary of Commerce to pay supplementary fiscal assistance to local governments with unemployment rates above six percent whenever the unemployment rate for the United States is five percent or more. Authorizes appropriations for such assistance through September 30, 1980. Provides for the suspension of such assistance if antirecession fiscal assistance is being paid or U.S. unemployment rates are less than five percent. Specifies the formula to be used in determining payments under this Act. Requires the Secretary of Commerce to combine certain supplementary payments with the general revenue sharing payment and make a single payment to the local governmental unit. Provides for the reallocation of any undistributed excess amounts among the local governmental units proportionately. Requires local governments receiving supplementary fiscal assistance to comply with those provisions applicable to antirecession fiscal assistance.
United States · United States Congress · 18 January 1979
Sound Recording Performance Rights Amendment - Amends the copyright law to give the owner of a sound recording copyright the exclusive right to perform or authorize the performance of the copyrighted work publicly. Exempts specified educational, religious, literary, and governmental performances of sound recordings from copyright infringements. Limits further the exclusive right of the owner of copyrights in sound recordings of specified kinds of works to the right to perform publicly all or any part of the actual sounds fixed in such recordings. Stipulates that the exclusive right to perform publicly, by means of a phonorecord, a copyrighted literary, musical, or dramatic work, and to perform publicly a copyrighted sound recording are separate and independent rights under this Act. Subjects the exclusive performance right in a sound recording to compulsory licensing if phonorecords of such recording have been distributed to the public under the authority of the copyright owner. Sets forth the requirements for obtaining such license. Establishes the royalty rates or payments for broadcast stations based on gross receipts of advertising sponsors, and gives the compulsory licensee the option of computing such royalty fees on either a prorated or blanket basis. Directs that royalty fees shall be deposited by the Register of Copyrights in the United States Treasury and invested by the Secretary of the Treasury in interest-bearing United States securities. Establishes the procedure for the distribution of royalties to persons claiming entitlement to compulsory license fees. Exempts certain broadcast stations and transmitters which publicly perform a copyrighted sound recording from liability for infringement and compulsory licensing requirements if the gross receipts of such stations are less than specified amounts. Stipulates that if an owner of a copyright authorizes the public distribution of material objects that reproduce such copyrighted sounds but do not include any accompanying motion picture, a compulsory licensee shall be freed from further liability for infringement for the public performance of such sounds. Directs the Copyright Royalty Tribunal to retain the services of one or more private, nongovernmental entities to monitor and value sound recording performances, distribute royalty funds to recipients, and perform other functions deemed necessary.
United States · United States Congress · 15 January 1979
Nondiscrimination in Insurance Act of 1979 - Prohibits any discrimination on the basis of race, color, religion, sex, or national origin regarding contracts for, or terms of, insurance policies. Permits insurers, who regularly provide insurance solely to persons of a single religious affiliation, to continue to do so. Authorizes the Federal Trade Commission to administer and enforce this Act. Requires aggrieved persons to file such discrimination charges with State or local agencies in certain circumstances. Sets forth the procedures on charges filed with the Commission. Requires insurers to keep records and make reports as the Commission shall prescribe. Provides penalties for disclosure of information by employees of the Commission. Authorizes civil actions in U.S. district courts by the Commission if a conciliation agreement cannot be secured from the insurer. Allows an aggrieved person to institute a civil action against the insurer if the Commission has not instituted a civil action within certain time periods. Specifies the judicial relief available, if the court determines that the insurer has committed a discriminatory action.
United States · United States Congress · 15 January 1979
Establishes the Claude Pepper Senior Citizen Congressional Intern program which authorizes each Member of Congress to hire each year one senior citizen intern to serve within the District of Columbia for one of two two-week periods. Specifies that such intern shall be compensated at a rate not to exceed $300 per week.
United States · United States Congress · 21 September 1978
Directs the Administrator of the General Services Administration to submit to Congress a study on the restoration of the Pension Building in the District of Columbia to house the Museum of the Building Arts. Requests the Chairman of the National Endowment for the Arts and the Secretary of the Smithsonian Institute to report to Congress by January 1, 1979 on the feasibility of operating such a museum.
United States · United States Congress · 13 September 1978
Federal Reserve Act Amendments - Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to require specified depository institutions to submit to the Board such periodic financial reports as the Board determines to be necessary for it to control and monitor monetary and credit aggregates. Requires every bank subject to reserve requirements to maintain reserves at the rate of seven percent against the total of its demand deposits, savings deposits, and deposits subject to negotiable orders of withdrawal that exceed $50,000,000. Authorizes the Board to adjust this rate between six and eight percent. Requires reserves against time deposits with initial maturities of less than 180 days at a rate of six percent, which may be adjusted by the Board at levels between one and six percent. Requires reserves on time deposits with initial maturities of 180 days or more at the rate of one percent, which may be adjusted by the Board at levels between one and three percent. Preempts State reserve requirements for member banks and banks with required reserves greater than zero. Imposes reserve requirements on the sum of time deposits that exceed $50,000,000, requiring the $50,000,000 exemption to be apportioned between time deposits. Requires the Board to determine each year the level of the total of demand, savings, negotiable order of withdrawal and time deposits that will be subject to reserve requirements provided the proportions established for banks whose reserve requirements are greater than zero do not exceed the proportions of such totals on June 30, 1970. Subjects to reserve requirements any bank that is either an insured bank or is eligible to apply to become an insured bank under the Federal Deposit Insurance Act. Exempts savings and mutual savings banks as defined in such Act from reserve requirements. Authorizes the Board to establish additional reserve requirements against: (1) net balances owed by domestic offices of banks in the United States to foreign offices or banks; and (2) loans to United States residents made by overseas offices of banks with offices in the United States. Grants certain privileges of member banks of the Federal Reserve System to non-member banks maintaining reserves required by this Act. Authorizes the imposition of reserve requirements exceeding the limits imposed by this Act for 30-day periods upon a finding that extraordinary circumstances require such action by at least five members of the Board after consultation with the appropriate committees of Congress. Provides a four year transition period for nonmember banks to implement the reserve requirements imposed by this Act. Extends a similar transition period to member banks in meeting requirements that exceed those in effect immediately prior to July 1, 1979. Requires the Board to implement the reserve requirements imposed by this Act for member banks within two years. Requires that reserves be maintained in the form of balances at a Federal Reserve Bank or as vault cash as determined by regulation or order of the Board, provided such requirements are identical for all banks. Permits reserve balances to be maintained by a nonmember bank in member or nonmember banks that maintain reserve balances at a Federal Reserve bank, provided such banks pass the balances to a Federal Reserve bank. Exempts such funds from reserve requirements and Federal Deposit Insurance assessments. Directs the Board to study the following: (1) the Federal funds market; (2) the long-run effects of the reserve requirements established by this Act on savings deposits at commercial banks; (3) the feasibility of permitting member banks to invest a percentage of their required reserves in United States Treasury securities; (4) the repeal of the prohibition against the payment of interest on demand deposits; (5) the feasibility of imposing reserve requirements on transaction accounts at thrift institutions; and (6) the use of savings deposits at commercial banks for transaction purposes via prearranged transfers to demand accounts. Directs the Board to prepare and publish a schedule of fees for its services and a set of pricing principles by July 1, 1979.
United States · United States Congress · 7 September 1978
National Capital Transportation Amendments - Amends the National Capital Transportation Act of 1969 to authorize the Secretary of Transportation to make contributions to the Washington Metropolitan Area Transit Authority, in addition to those already authorized by such Act, for the purpose of financing in part the construction costs of the Adopted Regional System (Metrorail). Requires a matching contribution by the local participating governments in a total amount that is not less than 25 percent of such additional Federal contributions. Authorizes the appropriation, for such purposes, of an amount not to exceed $1,700,000,000 for fiscal years beginning on or after October 1, 1980. Directs the Transit Authority to establish a sinking fund for the accumulation of assets for payment of principal on bonds and other obligations issued by the Authority. Authorizes the Secretary to make contributions to such fund beginning October 1, 1997, and requires a matching contribution by the local participating governments in a total amount not less than 25 percent of such Federal contribution. Permits the Transit Authority to use income from the investment of moneys in such sinking fund to pay interest costs incurred on obligations it has issued since July 13, 1972, but only after the Secretary has made interest payments in accordance with existing provisions of such Act. Permits the Secretary to contribute to the Transit Authority amounts sufficient to pay 80 percent of the remainder of such interest costs, after the Secretary has made the direct payments provided for by such Act. Authorizes the Secretary to make an annual contribution to the Transit Authority (without requiring matching contributions by the local participating governments) in order to finance in part the operating and maintenance costs of the Authority's rapid rail transit system. Authorizes appropriations for this purpose for each of fiscal years 1980 through 1987.
United States · United States Congress · 11 August 1978
Federal Reserve Act Amendments - Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to require specified depository institutions to submit to the Board such periodic financial reports as the Board determines to be necessary for it to control and monitor monetary aggregates. Subjects to reserve requirements any bank that is either an insured bank or is eligible to apply to become an insured bank under the Federal Deposit Insurance Act. Exempts savings and mutual savings banks as defined in such Act from reserve requirements. Requires such banks to maintain reserves against their reservable liabilities, as such term is defined in this Act, at a rate of six percent, or at such other rate between five and one-half and six and one-half percent as the Board may by requlation prescribe. Sets forth a formula for determining the amount of reservable liabilities held by such banks. Eliminates the use of different reserve ratios for member banks not in reserve cities. Authorizes the Board to impose reserve requirements outside the limits established by this Act for 30-day periods upon a finding that extraordinary circumstances require such action. Authorizes the Board to establish additional reserve requirements against: (1) net balances owed by domestic offices of banks in the United States to foreign offices or banks; and (2) loans to United States residents made by overseas offices of banks with offices in the United States. Grants certain privileges of member banks in the Federal Reserve System to nonmember banks maintaining reserves required by this Act.
United States · United States Congress · 10 August 1978
States that the Territory of American Samoa shall be represented in the United States Congress by a nonvoting delegate to the House of Representatives. Sets forth the procedure for the election of such delegate.
United States · United States Congress · 8 August 1978
Amends the District of Columbia Self-Government and Governmental Reoganization Act: (1) to permit the Council Chairman to engage in occasional teaching, writing, or lecturing, as determined by regulations passed by the Council; and (2) to except the Mayor, and the Chairman and members of the City Council, and certain of their employees, from the prohibition against specified political activities.
United States · United States Congress · 28 July 1978
Directs the Secretary of the Treasury to strike not more than 104,000 medals commemorating the life and ideals of Martin Luther King, Junior, and to furnish such medals to the Martin Luther King, Junior Center for Social Change.
United States · United States Congress · 24 July 1978
Stipulates that upon the withdrawal of approval of any portion of an Interstate Highway, the State involved, subject to the approval of the Secretary of Transportation, shall not be required to refund to the Highway Trust Fund any sums paid to the State for intangible costs. Stipulates that refunds shall not be required if the State applies such funds to an eligible transportation project or to a public conservation or recreation purpose within ten years.
United States · United States Congress · 13 July 1978
Financial Institutions Regulatory Act - Title I: Supervisory Authority Over Depository Institutions - Creates civil penalties for specified insiders loans and loans to affiliates, prohibited by the Federal Reserve Act, for violations of reserve borrowing loan limits. Amends the Federal Reserve Act to prohibit member banks from making loans to insiders under specified conditions. Amends the Bank Holding Company Act of 1956 to authorize the Board of Governors of the Federal Reserve System to order the termination of control or ownership by a bank holding company of any of its nonbank subsidiaries whenever they constitute a serious risk to the financial safety of a subsidiary bank of the holding company. Amends the National Housing Act by authorizing the Federal Savings and Loan Insurance Corporation to order the termination of ownership or control of any noninsured subsidiary by a savings and loan holding company whenever there is reasonable cause to believe that continued ownership constitutes unsafe and inconsistent banking practice. Grants authority to the Federal Savings and Loan Insurance Corporation to make loans to a savings and loan association in order that it may buy the assets of a failing savings and loan institution so as to prevent the failure of such institution. Prescribes penalties for the violation of any provision of this Title. Authorizes financial regulatory agencies, including the National Credit Union Administration and the Federal Home Loan Bank Board, to initiate cease and desist actions against officers, directors, stockholders, or any person participating in the affairs of a financial institution (as well as against the institution itself as is allowed by current law) when there have been violations of laws and regulations or unsafe and unsound banking practices which are likely to seriously weaken the condition of the institution in question. Sets forth a procedure to be followed for removal of any officer or director for breach of fiduciary duty. Increases the allowable mortgage and education loans to executive officers of banks. Creates a hearing process for removal of a bank officer or director based on an indictment for or conviction of a felony. Title II: Interlocking Directors - Depository Institution Management Interlocks Act - Prohibits interlocking management and director relations between any depository institutions or depository holding companies located in the same metropolitan area. States that this prohibition applies without regard to geographical limits where such an institution has assets exceeding $1,000,000,000 and seeks an interlocking relationship with any institution with assets over $500,000,000. Delegates authority for the enforcement of this Act. Title III: Foreign Branching - Amends the Federal Deposit Insurance Act to prohibit any State nonmember insured bank from operating any foreign branch without prior written consent of the Federal Deposit Insurance Corporation (FDIC). States that when the liabilities of an insured bank for deposits are assumed by another insured bank the following shall occur: (1) the insured status of the bank whose liabilities are assumed shall terminate on the date of receipt by the FDIC of evidence of such assumption; (2) termination of separate insurance of all assumed deposits at the end of six months from the effective date; and (3) notification of such assumption by the assuming bank to each of the depositors of the assumed bank. Amends existing requirements for the reporting and assessment of deposits accumulated for the payment of personal loans when such deposits are assigned or pledged to assure the payment of such loans at maturity. Title IV: Conflicts of Interest - Depository Institutions Conflict of Interests Act - Amends the Federal Deposit Insurance Act, the Federal Reserve Act and the Federal Home Loan Bank Act to prohibit specified Presidential-appointee bank regulatory agency heads and members of such agencies from being employed for a period of two years after they leave office by institutions under their regulatory jurisdiction or with a holding company affiliate. Prohibits such individuals from appearing before the board of their respective agencies, either formally or informally, from contacting such board, directly or indirectly, orally or in writing, or from acting as agent or attorney for any other person, other than the United States, before such board for a period of two years immediately following their employment. Title V: Credit Union Restructuring - Reorganizes the National Credit Union Administration and places it under the management of the National Credit Union Administration Board. Directs the chairperson of such Board to represent the Administration in its official relations with other branches of Government. Restricts the employment and activities of Board members for a period of two years immediately following their employment. Requires each Federal credit union to pay the Administration an annual operating fee and to make annual financial reports to the Board. Title VI: Change in Bank Control Act - Amends the Federal Deposit Insurance Act to prohibit any person from acquiring any insured bank or bank holding company unless the appropriate Federal banking agency has been notified and has not issued a notice of its disapproval within a specified time period. Prescribes the procedure to be followed by any agency in making its determination to approve or deny such change of control. Title VII: Change in Savings and Loan Control Act - Amends the National Housing Act to prohibit any person from acquiring control of any federally insured savings and loan association or holding company unless the Federal Deposit Insurance Corporation has been notified and has not issued a notice of its disapproval within a specified time period. Prescribes the procedure to be followed by the Corporation in making its determination to approve or deny such change of control. Requires any insured institution to disclose any loan secured, or to be secured, by 25 percent or more of the outstanding voting stock of an insured institution to the Corporation. Prescribes civil penalties for violations of this Title. Title VIII: Correspondent Accounts - Prohibits the extension of credit to any officer, director, or specified stockholders of a bank which has a correspondent relationship with the lending bank, in its own name or in the name of another bank, unless such loan does not: (1) involve more than the normal risk of repayment; (2) include unusual terms of interest or collateral; or (3) present any other unfavorable features. Prohibits the establishment of a correspondent account where a loan already has been made to any officer, director, or specified stockholders of the bank desiring to open the account. Prescribes civil penalties for violations of this Title. Requires each executive officer and each stockholder who directly or indirectly owns, controls, or has the power to vote more than ten percent of any class of voting securities of an insured bank, to submit a written report to the board of directors of such bank for any year in which such officer or stockholder has outstanding an extension of credit from a bank which maintains a correspondent account in the name of such bank. Requires such report to include: (1) the maximum amount of indebtedness to the bank maintaining the correspondent account of such officer or stockholder and of each company, political or campaign committee which will benefit or is controlled by such officer or stockholder; (2) the maximum amount of such indebtedness as of a date not more than ten days prior to the filing of the report; (3) the range of interest rates charged on such indebtedness; and (4) the terms and conditions of such indebtedness. Requires each insured bank to compile and submit such reports to specified regulatory agencies. Title IX: Disclosure of Material Facts - Amends the Federal Deposit Insurance Act to list information which must be included in an annual report to be made by each insured bank to the appropriate Federal banking agency. Title X: Federal Financial Institutions Examination Council - Federal Financial Institutions Examination Council Act - Establishes a Financial Institutions Examinations Council to prescribe uniform principles and standards for the Federal examination of financial institutions. Defines the term "financial institution" to mean: (1) a commercial bank; (2) a savings bank; (3) a trust company; (4) a savings and loan association; (5) a building and loan association; (6) a homestead association; (7) a cooperative bank; and (8) a credit union. Directs that one-fifth of the operating costs of the Council be paid by each of the Federal financial institution regulatory agencies. Directs the Council to make recommendations for uniformity in other supervisory matters, including classification of loans subject to risk and identification of financial institutions in need of special supervisory attention. Requires the Council to establish a liaison committee composed of five representatives of State supervisory agencies in order to encourage the application of uniform examination principles and standards by State and Federal Supervisory agencies. Title XI: Right to Financial Privacy - Right to Financial Privacy Act - Prohibits any Government authority from obtaining copies of, access to, or the information contained in, the financial records of any customer from a financial institution unless such records are reasonably described and: (1) such customer has authorized such disclosure in accordance with this Act; (2) such records are disclosed in response to an administrative subpena or summons; (3) such records are disclosed in response to a court order; (4) such records are disclosed in response to a judicial subpena; or (5) such financial records are disclosed in response to a formal written request meeting specified requirements. Requires in all cases that the customer be notified of the agency seeking such records, the purpose for which such records are sought, and the rights of customers under this Act. Establishes specific conditions and procedures for the delay of notice to a customer. States that no financial institution may provide to a Government authority copies of or the information contained in the financial records of any customer except in accordance with the requirements of this Act. Sets forth provisions governing customer authorization, administrative subpenas and summonses, judicial subpenas, and search warrants. Establishes procedures for a customer to challenge the disclosure of financial records. Provides exceptions to the provisions of this Act and special procedures for the disclosure of records to the Secret Service and government authorities acting in the field of foreign intelligence. Establishes civil penalties and the right to injunctive relief without regard to the amount in controversy for violation of the provisions of this Title. Establishes conditions on the use of financial records about a customer obtained under the authority of a Federal grand jury. Title XII: Charters for Thrift Institutions - Amends the Home Owners' Loan Act to authorize the Home Loan Bank Board to provide for the organization, chartering operation, and regulation of associations to be known as Federal Savings and Loan Associations or Federal mutual savings banks. Subjects converting mutual savings banks to the requirements of existing State law pertaining to discrimination in the extension of home mortgage loans if the State requirements are more stringent than Federal laws and regulations. Establishes a five year shared risk program in the event that a converting insititution fails. Title XIII: Holding Companies - Amends the Bank Holding Company Act of 1956 to prohibit a bank holding company from providing insurance as a principal, agent, or broker except: (1) where the insurance is to secure a credit transaction; (2) where the insurance is sold in a community with a population of less than 5,000 or that has no other adequate insurance agency facilities; (3) where the insurance is sold by a bank holding company or its affiliate lawfully engaged in insurance activities prior to June 6, 1978; or (4) where the bank holding company engaged in insurance activities has assets of $50,000,000 or less. Title XIV: Amendments to the National Banking Laws - Makes changes with respect to the following: (1) the power of national banks to purchase, hold, and convey real property; (2) the trust powers of national banks; (3) the emergency restrictions on Federal Reserve banks; and (4) examination of foreign operations of State member banks. Allows an individual who holds the required number of shares in a company that controls a banking association to serve as a director of that association. Permits a banking association to purchase shares of stock in a State chartered bank insured by the Federal Deposit Insurance Corporation if the stock of such bank is owned exclusively by other banks and if such bank is exclusively engaged in providing banking services for other banks, their officers, directors or employees. Limits the total amount of such stock which may be held by an association to five percent of its capital stock and paid in unimpaired surplus. Title XV: Termination of National Bank Closed Receivership Fund - Directs the Comptroller of the Currency to disburse the liquidating dividends from national banks closed on or before January 22, 1934, held by the Comptroller in the capacity as successor to receivers of those banks. Title XVI: Transaction Accounts - Permits any depository institution chartered by the Federal Home Loan Bank Board and located in a State which authorizes State-chartered institutions insured by the Federal Savings and Loan Insurance Corporation to offer transaction accounts permitting withdrawals or transfers of account on negotiable, transferable, or nonnegotiable check, order, or authorization, as determined by the Board, to offer comparable services to the extent authorized by the Board. Authorizes the Board to allow depository institutions located in the District of Columbia to offer transaction accounts if depository institutions in Virginia and Maryland are permitted to offer such accounts. Title XVII: Financial Regulation Simplification Act - Requires the Federal financial regulatory agencies to establish a program which assures periodic review of existing regulations to insure that: (1) the need for and purposes of a regulation are clearly established; (2) timely participation is available to the public, financial institutions, and other Federal, State and local agencies; (3) alternatives to the promulgation of regulations are considered; (4) compliance costs, paperwork and other problems are minimized; and (5) conflicts, inconsistencies and duplication between the regulations of Federal agencies are avoided. Terminates this Title five years after its effective date. Title XVIII: Alternative Mortgage Instruments - Permits federally chartered savings and loan associations to offer alternative mortgage instruments where State law, rules, or regulations, allow State chartered savings and loan associations to offer such instruments. Tile XIX: Prohibition on Credit Card Surcharges - Repeals the prohibition on the imposition of surcharges for payment by credit card in sales transactions. Title XX: Effective Date - Sets forth the effective date for this Act.
United States · United States Congress · 22 June 1978
Amends the District of Columbia Self-Government and Governmental Reorganization Act to authorize the Council of the District of Columbia to delegate its authority to issue revenue bonds for housing undertakings to any housing finance agency established by it. Exempts payments of such bonds from Congressional approval.
United States · United States Congress · 21 June 1978
Directs the Mayor of the District of Columbia, consistent with an urban renewal plan approved by the Council of the District of Columbia, to transfer all title and interest of the United States to and in specified property in Southwest Washington, D. C. to the District of Columbia Redevelopment Land Agency. Authorizes the Agency, in accordance with the District of Columbia Redevelopment Act of 1945, to lease or sell all or part of the transferred parcel.
United States · United States Congress · 7 June 1978
Electronic Fund Transfer Act - Requires the issuers of debit instruments designed to make payments and effect transfers through electronic terminals to do the following: (1) disclose a customer's rights and obligations when an account is opened and when there is a change of terms; (2) make available to the customer a written receipt of every transaction at electronic funds transfer terminals; and (3) furnish a monthly statement to each customer identifying all transactions. Provides a procedure for the correction of account errors. Excuses a customer of liability for unauthorized use of his debit instrument unless the debit instrument issuer can establish customer fraud or negligence. Sets forth liability for system malfunction. Provides civil liability for willful violation of this Act and criminal liability for fraudulent use of debit instruments. Makes bank regulatory agencies and the Federal Trade Commission responsible for administrative enforcement of the terms of this Act.
United States · United States Congress · 6 June 1978
Authorizes the issuance of a visa and admission to the United States for permanent residence of a certain individual, under the Immigration and Nationality Act.
United States · United States Congress · 31 May 1978
Historic Properties Improvement Loan Insurance Act - Amends the National Housing Act to include nonresidential as well as residential structures within the definition of historic structures, for which the Secretary of Housing and Urban Development may insure rehabilitation loans. Provides for the designation of a "registered historic district" in accordance with a State or local statute, if such statute is certified as acceptable by the Secretary of the Interior. Increases the limit on the size of a loan financing a historic structure preservation which may be insured under this Act.
United States · United States Congress · 25 May 1978
Voluntary Job Preservation and Community Stabilization Act - Directs the Secretary of Commerce to conduct a continuing investigation to identify those industrial, business, agricultural, and service organizations (1) which are in danger of ceasing operation or of outmigration and (2) whose closing or relocation would result in substantial unemployment and economic dislocation in the community. Provides, through the Secretary, loans for technical assistance and status and operating costs to an employee or employee/community corporation which meets certain requirements in order that it may assume ownership and operation of an organization so identified. Conditions loans, among other factors, upon certification that the corporation will allow new employees to participate and will adopt a method for acquisition of stock of persons no longer associated with the organization for the purpose of making it available to all employees on a nondiscriminatory basis. Authorizes loans of up to $15,000 to an employee who wishes to purchase stock in a purchasing corporation and who is unable to secure financing elsewhere.
United States · United States Congress · 18 May 1978
Electronic Fund Transfer Act - Amends the Consumer Credit Protection Act to add the following title: Title IX: Electronic Fund Transfers. Prohibits any financial institution from engaging in any transaction with a customer by means of an electronic terminal without first clearly disclosing to the customer all terms and conditions governing such transfer. States that such disclosure shall include: the rights, duties, and liabilities of both the account holder and institution involved; the types of transfers the consumer may make; and the consumer's ability to authorize another to initiate transfers. Requires a financial institution to give the customer 31 days notice prior to changing any of the terms of the agreement. States that the consumer must receive a receipt for each transfer affecting the consumer's account at the time of the transfer. Requires financial institutions to provide consumers with a periodic statement for each EFT account. Allows the making of preauthorized transfers only by written authorization from the consumer which shall be revokable at will at any time up to three business days preceding the scheduled transfer. Permits a consumer to reverse a transfer in the amount of $50 or more to a third party. Sets forth a procedure for the resolution of errors which calls for prompt investigation of errors and reply to the consumer. States that if a court finds that a financial institution willfully reported to a consumer that his account was correct when such a conclusion could not reasonably be drawn, such institution shall be liable for treble damages. Limits a consumer's liability (in the event of an unauthorized cash transfer) to the lesser of $50 or the amount of money obtained. Holds a financial institution liable to a consumer for any unauthorized transfer in excess of $50. Makes exceptions to such rule in the case of an improper or incorrect transfer if the error was caused by a technical malfunction beyond the control of the institution. Suspends the consumer's obligation to make payment when a technical malfunction prevents the transfer of funds to a third party who has agreed to accept payment by means of an EFT. Prohibits the conditioning of employment, government benefits, or the extension of credit on the consumer's use of EFT's. Restricts the disclosure of information regarding EFT's. Prohibits any agreement which would deprive a consumer of any right granted under this Act. Sets forth the formula for the determination of civil liability for violations of this Act. States that any person who willfully and knowingly gives false or inaccurate information, fails to provide information which is required to be disclosed, or otherwise fails to comply with any provision of this title shall be fined not more than $5,000 or imprisoned not more than a year, or both. Places the enforcement of this title in the case of national banks, Federal Reserve member banks, insured banks, Federal savings and loan associations, and Federal credit unions with their respective regulatory agencies. Directs the Federal Trade Commission to enforce the requirements of this title in all other cases. Directs the Board and the Attorney General to make reports to Congress concerning the administration of their functions under this title. Exempts persons from the laws of any State with respect to EFT's only to the extent that those laws are inconsistent with any of the terms of this Title.
![Official portrait of Del. Fauntroy, Walter E. [D-DC-At Large]](https://www.congress.gov/img/member/f000046_200.jpg)