United States · United States Congress · 5 November 1975
Fair Credit Billing Act Amendments - Defines the term "discount" for purposes of compliance with the provisions of the Truth in Lending Act as meaning a reduction made from the regular price in a transaction covered by such Act. Stipulates that the term "discount" shall not, under specified application of the provisions of such Act, mean a surcharge. Specifies that the term "surcharge" shall mean any method of increasing the regular price to a creditcard holder which is not imposed upon cash-paying customers. Prohibits the imposition of a surcharge in specified instances covered by the Truth in Lending Act where the holder of a credit card elects to use his card in lieu of paying by cash or check.
United States · United States Congress · 30 October 1975
Emergency Financial Assistance Corporation Act - Creates a body corporate to be known as the Emergency Financial Assistance Corporation to make and guarantee long-term loans at reasonable intrest rates to State and local governments for public works and facilities, to individuals and corporations to establish new businesses and industries and to expand or otherwise improve existing businesses and industries, and to public agencies and private nonprofit and limited dividend corporations for the construction of low-and-moderate-income housing, in order that vital public services may be provided, the health and welfare of our people will be safeguarded, and a full employment economy will be achieved. Provides that the Corporation shall have a capital stock of $1,000,000,000 subscribed by the United States, payment for which shall be subject to call in whole or in part by the Board of Directors. Authorizes the Corporation to issue notes, debentures, bonds, and other evidences of indebtedness up to an aggregate amount of 20 times the paid-in capital stock of the Corporation at that time. Authorizes the Corporation to make direct loans and guarantees to State and local governments, direct loans for the benefit of business and industry, loans for low-and-moderate-income housing projects. Exempts the Corporation from the taxing authority of the United States or any State or local government. Authorizes to be appropriated to the Secretary of the Treasury $1,000,000,000 to finance the purchase of Corporation stock.
United States · United States Congress · 28 October 1975
Emergency State and Community Financial Assistance Corporation Act - Establishes the Emergency State and Community Financial Assistance Corporation to make and guarantee new loans at reasonable interest rates to States and local governments for public works and facilities. States that the Corporation shall have a capital stock of $1,000,000,000 subscribed by the United States, payment for which shall be subject to call in whole or in part by the Board. Authorizes the Corporation to issue rates, debentures, bonds, and other evidences of indebtedness in such amounts and on such terms and conditions or its Board may determine, subject to the limitations prescribed in this Act. Exempts the Corporation from the taxing authority of the United States or any State or local government. Authorizes to be appropriated to the Secretary of the Treasury $1,000,000,000 to finance the purchase of Corporation stock.
United States · United States Congress · 22 October 1975
Condemns the resolution adopted by the Third Committee of the United Nations General Assembly which equates Zionism with racism, and urges the U.N. General Assembly to disapprove such resolution.
United States · United States Congress · 20 October 1975
Fair Credit Billing Act Amendments - Defines the term "discount" under the Fair Credit Billing Act as meaning a reduction made from the regular price for purposes of the Truth in Lending Act. Prohibits sellers covered by the Fair Credit Billing Act from imposing a surcharge on a credit card holder who elects to use such credit card in lieu of payment by cash or check.
United States · United States Congress · 9 October 1975
Establishes the Commission on Security and Cooperation in Europe to monitor the acts of the signatories which reflect compliance with the articles of the Final Act of the Conference on Security and Cooperation in Europe. Provides that the Commission shall be composed of 11 members to be appointed as specified in this Act. Gives the Commission the power to subpena witnesses and records as necessary to carry out the responsibilities imposed by this Act. Requires the Commission to make reports to Congress.
United States · United States Congress · 9 October 1975
Debt Collection Practices Act - Prohibits debt collectors from harassing or intimidating consumers in connection with the collection or attempted collection of any alleged debt arising from a consumer credit transation. Sets forth conduct violating this Act, including the use or threatened use of violence by a debt collector, or threatening a consumer with imprisonment for failure to pay a debt. Prohibits any debt collector, not a licensed attorney, from engaging in the practice of law in connection with the collection or attempted collection of any debt. Prohibits false or misleading representation, or impersonation, in connection with the collection of an alleged debt. States that no debt collector may engage in unfair practices, such as obtaining information form any source about a consumer under false pretenses or through false representation. Requires a debt collector to keep at each office he maintains specified information regarding his accounts. Provides that each debt collector must disclose, clearly and accurately, to each consumer a list of information which includes the date the alleged debt was incurred and the original creditor. Requires debt collectors to permit inspection of records by consumers. Sets forth civil and criminal penalties for violations of the provisions of this Act. Requires the Federal Trade Commission and the Attorney General to report periodically to Congress concerning their administration of functions delegated to them under this Act.
United States · United States Congress · 9 October 1975
Authorizes the President to issue a proclamation designating the week in November which includes Thanksgiving Day in each year as "National Family Week."
United States · United States Congress · 8 October 1975
Expresses the sense of Congress that the United States Government while engaged in a lessening of tensions with the People's Republic of China, do nothing to compromise continued close relations with the Republic of China.
United States · United States Congress · 2 October 1975
Title I: Urban Reinvestment Coinsurance Act - Directs the Federal Home Loan Bank Board to establish a body corporate to be known as the Urban Reinvestment Fund. Authorizes the appropriation of $10,000,000 for initial capitalization. Provides that the primary purpose of the Fund is to coinsure a portion of the risks of lending by members of the Federal Home Loan Bank system in urban reinvestment areas. Title II: Creates a coinsurance fund which is authorized to secure a sum of up to $100,000,000 from the United States Treasury, if necessary, to meet losses sustained under the coinsurance program. Sets forth eligibility requirements for the coinsurance. Authorizes the fund to fix premium charges for the coinsurance of mortgages not to exceed 1 percent per year. Authorizes specified government associations to purchase coinsured mortgages with the proviso that the originating lender retain his portion of the loan risk throughout the life of the loan. Title III: Defines terms as used in this Act. Authorizes Federal Savings and Loan Associations to make loans, under specified conditions, in any urban reinvestment area, in obligations of persons domiciled in such areas, with or without security, and for improving any real estate located in such areas.
United States · United States Congress · 29 September 1975
Authorizes the Secretary of Agriculture to distribute, upon request and without cost, seeds for use in home gardens to produce food for the personal consumption of the household. Limits the duration of the program to three years. Authorizes $6,000,000 per year to carry out the provisions of this Act.
United States · United States Congress · 29 September 1975
Expresses the sense of the Congress that the signing in Helsinki of the Final Act of the Conference on Security and Cooperation in Europe did not change in any way the longstanding policy of the United States on nonrecognition of the Soviet Union's illegal seizure and annexation of the three Baltic nations of Estonia, Latvia, and Lithuania.
United States · United States Congress · 25 September 1975
Marine Fisheries Conservation Act - Declares it to be the finding of Congress: (1) that stocks of fish which United States fishermen depend on have been the target of concentrated foreign fishing which has increased dramatically during the past decade; (2) that certain species are depleted to the point where survival of the fisheries is threatened; (3) that foreign fishing fleets in United States waters have interfered extensively with the efforts of United States fishermen; and (4) that international agreements have not been effective in halting the depletion of valuable coastal and anadromous species caused by overfishing. States that it is the purpose of this Act to conserve and manage the fisheries resources off the United States coasts and the anadromous fisheries resources of the United States in the high seas by establishing an exclusive fisheries conservation and management zone in the area extending 200 nautical miles seaward of the United States within which the United States will assume management responsibility and authority, and by declaring such responsibility and authority on the high seas beyond such zone with respect to anadromous species. Defines terms used in this Act. Applies the term "anadromous species" to those species of fish which spawn in fresh or estuarine waters of the United States and which migrate to ocean waters. Title I: Establishment of United States Fisheries Conservation and Management Zone Extending to the 200-Mile Limit - Establishes a fisheries conservation and management zone contiguous to the territorial sea of the United States having as a seaward boundary a line drawn so that each point on the line is 200 miles from the baseline from which the breadth of the territorial sea is measured. States that the United States will exercise the same exclusive rights in respect to fisheries in the zone as it has in its territorial sea. Title II: International Fisheries Agreements - Prohibits foreign fishing vessels from fishing within the fishery zone, or from fishing seaward of the zone for anadromous species covered by a management plan developed pursuant to this Act, unless each such vessel has a permit issued by the Secretary of Commerce. Sets forth the procedures by which foreign vessels may apply for permits. States the conditions under which the Secretary will grant tentative approval of such an application and sets forth considerations which may require a statement of conditions and restrictions on such a tentative permit. States that the Secretary shall approve an application for fishing by foreign vessels for a species with respect to which a fishery management plan is being developed pursuant to this Act only if the Secretary determines that such species is not depleted. Provides for Congressional review of applications for permits. Declares that if neither house of Congress objects to such application, the Secretary of State shall transmit to the nation concerned a statement of the conditions and restrictions determined by the Secretary of Commerce to apply. Provides for the suspension or revocation of permits and for the issuance of warnings to permit-holders quilty of minor infractions of regulations. States that nothing in this Act shall be construed to extend to foreign vessels the right or privilege to engage in fishing for any Continental Shelf Species. Declares that no international fisheries agreement pertaining to fishing in waters defined in this Act or pertaining to species of fish under the management or conservation authority of the United States pursuant to this Act shall be extended or renewed except pursuant to this Act. Requires that, within 90 days after the date of enactment of this Act, the Secretary of State shall commence negotiations with each foreign nation, off of whose coast United States vessels are engaged in fishing for specific stocks of fish, for the purpose of entering into an international fishery agreement under which such foreign nation will grant to United States vessels equitable access, consistent with reasonable management and conservation practices, to such fish stocks within 200 nautical miles off the coast of such nation. Directs the Secretary of State, upon determining that: (1) any foreign nation is refusing to commence negotiations, or fails to negotiate in good faith, with the United States in order to preserve United States foreign fishing rights; or (2) although an international fishery agreement is in force and effect, a foreign nation is not complying with its obligations under the agreement, to certify that determination to the Secretary of the Treasury. Directs the Secretary of the Treasury, in such case, to take action to prohibit the importation into the customs territory of the United States of any seafood product of the foreign nation. Directs that the same action be taken against foreign nations which seize any United States fishing vessel. Directs the Secretary of State, upon the request of, and in cooperation with, the Secretary of Commerce, to initiate and conduct negotiations with any foreign nation participating in a fishery for any highly migratory species for the purpose of entering into international fisheries agreements that would establish an appropriate international fisheries organization having authority to manage and conserve such highly migratory species. Requires the approval of both houses of Congress of all proposed international fishery agreements, other than agreements which are treaties, before such agreements may enter into force and effect. Sets forth the procedures for disapproving such proposed agreements. Title III: Management of the Fisheries - States that the fisheries management responsibility and authority of the United States extends to: (1) any coastal species within the fisheries zone; (2) any anadromous species wherever found throughtout the range of such species in the high seas; and (3) any Continental Shelf species. Declares that no one country exercises management responsibility and authority to any highly migratory species, and that such species shall be managed pursuant to international fishery agreements. Sets forth standards for the management of fisheries pursuant to this Act. States that management and conservation measures shall be designed to achieve the optimum sustainable yield of a stock of fish on a continuing basis. Declares that such measures shall not discriminate between residents of different States. Establishes seven regional marine fisheries councils to be known as the New England Marine Fisheries Council, the Mid-Atlantic Marine Fisheries Council, the Southern Atlantic Marine Fisheries Council, the Gulf Marine Fisheries Council, the Pacific Marine Fisheries Council, the Alaska Marine Fisheries Council, and the Western Pacific Marine Fisheries Council. Sets forth the composition of each Council. Describes the term of membership of each member, and provides for the reimbursement of members for travel expenses and in return for their services. States that the functions of the Councils are: (1) to solicit, by means of public hearings to the extent practicable, and evaluate on a continuing basis comments and recommendations from all interested persons in the geographical area concerned with respect to the administration and implementation of the provisions of this Act; (2) to develop fishery management plans for adoption by the Secretary, and take such other actions with respect to fishery management plans as may be required; and (3) to submit to the Secretary, within 30 days after the close of each calendar quarter, a report setting forth the results of the Council's activities under this Act during such quarter. Sets forth the procedure for the development by the Councils' of fishery management plans for coastal, anadromous, and Continental Shelf species. States that such plans shall contain the necessary conservation measures for the species or fishery concerned, and shall specify and conditions or limitations on fishing which the Council believes should be implemented. Permits each such plan: (1) to designate zones where and periods when fishing shall be limited; (2) to recognize present and historical use of the fishery in establishing limitations on the access to the fishery; (3) to establish limitations on the catch; (4) to prohibit, limit, or specify types of fishing gear which may be used; (5) to specify licensing requirements; and (6) to report pertinent statistics to the Secretary with respect to type of fishing gear used, size of catch, and other factors. Directs the Secretary to review each such plan submitted to him and to recommend such changes as he believes to be necessary. Provides for the review of proposed fishery management plans by the public. Requires that public hearings be held on objections to any plan before final revision of a plan. Authorizes the Secretary to promulgate emergency fishery management plans within 90 days after the enactment of this Act. States that such plans may be issued with respect to species which are depleted, in imminent danger of becoming depleted, or under intensive and unregulated use. Stipulates that such plans may remain in effect for 180 days. Provides for the assertion of Federal jurisdiction over species of fish which move in waters under State jurisdiction when such action is necessary to insure the effectiveness of a management plan. Establishes a civil penalty of up to $25,000 per day for specified violations of provisions of this Act. Establishes criminal penalties for: (1) refusing to permit the inspection of a fishing vessel by authorized Federal representatives; or (2) forcibly interfering with any authorized representative in the inspection of a vessel. Provides for a fine of up to $50,000 except that such fine may be doubled and a prison term of up to ten years may be imposed for the use of a deadly or dangerous weapon in refusing or interfering with an inspection. Provides for the forfeiture of the catch, vessel, or fishing gear of any vessel which violates specified provisions of this Act. States that this Act shall be enforced by the Secretary of Commerce and the Secretary of the Department in which the Coast Guard is Operating. Title IV: Amendments to Other Laws Relating to the Fisheries and Miscellaneous Provisions - Revises the Fishermen's Protective Act to direct the Secretary of State to assist any United States vessels seized by a foreign country while engaged in fishing on the high seas for a specific stock of fish, when United States vessels have previously fished for such stock in the same area, and when the United States recognizes the rights or claims to fisheries conservation and management jurisdiction in such area by the seizing country. Revises specified other acts pertaining to fisheries as necessary to accomodate the provisions of this Act.
United States · United States Congress · 17 September 1975
Provides that whoever uses a firearm, destructive device, or any other dangerous or deadly weapon to commit a Federal felony, or carries a firearm, destructive device, or any other dangerous or deadly weapon during the commission of a Federal felony, shall, in addition to the punishment provided for the commission of such felony, be sentenced to a term of imprisonment for not less than two years nor more than 10 years. Provides that, in the case of a second or subsequent conviction under this Act, such person shall be sentenced to a term of imprisonment for not less than 25 years and shall not receive a suspended or probationary sentence, nor be eligible for parole; nor receive a sentence to run concurrently with any term of imprisonment, imposed for the conviction of such felony. (Amends 18 U.S.C. 924(c))
United States · United States Congress · 11 September 1975
Expresses the sense of Congress that it remains the policy of the United States not to recognize in any way the annexation of the Baltic nations (Estonia, Latvia, and Lithuania) by the Soviet Union, the President's signature on the Final Act of the Conference on Security and Cooperation in Europe notwithstanding.
United States · United States Congress · 11 September 1975
Expresses the sense of the Congress that the President and the Secretary of State should take all necessary steps to bring the Baltic States question before the United Nations. Urges the United Nations to seek the withdrawal of all Russian occupiers from the Republics of Lithuania, Latvia, and Estonia. Calls upon the Secretary of State to take action, through such channels as the United States Information Agency, to bring the matter of the Baltic States to the attention of all nations. Expresses the sense of Congress that the right to self-determination should be returned to the people of the Baltic nations.
United States · United States Congress · 9 September 1975
Applies the House Employees Position Classification Act, which establishes rates of compensation for positions in the House of Representatives, to all positions of the House Press Gallery, of the Official Reporters of Debates and of the Official Reporters to Committees.
United States · United States Congress · 5 September 1975
Expresses the sense of Congress that it remains the policy of the United States not to recognize in any way the annexation of the Baltic nations (Estonia, Latvia, and Lithuania) by the Soviet Union, the President's signature on the Final Act of the Conference on Security and Cooperation in Europe notwithstanding.
United States · United States Congress · 5 September 1975
Expresses the sense of the Congress that the President and the Secretary of State should take all necessary steps to bring the Baltic States question before the United Nations. Urges the United Nations to seek the withdrawal of all Russian occupiers from the Republics of Lithuania, Latvia, and Estonia. Calls upon the Secretary of State to take action, through such channels as the United States Information Agency, to bring the matter of the Baltic States to the attention of all nations. Expresses the sense of Congress that the right to self-determination should be returned to the people of the Baltic nations.
United States · United States Congress · 4 September 1975
Taxpayer Audit Disclosure Act - Requires the establishment of formal procedures and criteria for the selection of individual income tax returns for audit. Directs the Secretary of the Treasury or his delegate to provide any individual selected for auditing with a written notice which clearly specifies the reasons for and manner in which the return of such individual was selected for audit. Provides that the Secretary or his delegate shall furnish to such individual a written explanation which describes the audit procedure, the rights which a taxpayer may exercise during such procedure, the right of the taxpayer to make an administrative or judicial appeal from an adverse decision at the end of such procedure, and the right of the taxpayer to claim a refund. Requires the Secretary of the Treasury or his delegate to submit to the Joint Committee on Internal Revenue Taxation before September 30 of each year a report setting forth: (1) the number of individuals whose returns were selected for audit during the previous 12-month period; (2) a classification of individuals whose returns were audited during the previous 12-month period by, among other factors, income levels, geographic distribution, and profession; (3) the number of individuals audited during the previous 12-month period who were found to have made underpayments or overpayments of tax, together with summary statistics reflecting the percentage of such number, by income category, who made underpayments or overpayments of certain ranges of amounts (to be determined by the Secretary or his delegate); and (4) such other information as may be requested by the joint committee in accordance with the purposes of this Act.
United States · United States Congress · 1 August 1975
Expresses the House of Representatives strong disapproval of efforts to expel Israel from the United Nations. States that if Israel is expelled the United States should reassess its relationship with the United Nations General Assembly. Provides that such reassessment shall include possible withdrawal from that body.
United States · United States Congress · 31 July 1975
Requires that upon the request of a city with a population of three million or more such city shall be designated as a health service area pursuant to the Public Health Service Act.
United States · United States Congress · 31 July 1975
Congressional Public Financing Act - Adds a new subtitle to the Internal Revenue Code: the Congressional Election Campaign Fund Act. Directs the Secretary of the Treasury to maintain in the Presidential Election Campaign Fund a separate account to be known as the Congressional Election Payment Account. Directs the Secretary to deposit into the Congressional Election Payment Account that portion of the annual amounts designated by taxpayers on their income tax returns that equals the excess above 25 percent of the total amount made available in the last Presidential election. Authorizes the Federal Election Commission to conduct an examination and audit of the campaign contributions raised for purposes of obtaining matching funds and the qualified campaign expenditures made by all candidates for Federal office and official political party committees who received payments under this Act. Provides criminal penalties for violations of this Act. Provides for payments of funds in amounts matching the contributions received by candidates for the office of U.S. Senator or U.S. Representative. Imposes limitations on the amounts of such funds to be disbursed to any individual candidate, and restricts the uses to which such matching funds may be put.
United States · United States Congress · 23 July 1975
Truth in Leasing Act - Declares it the purpose of this Act to assure a meaningful disclosure of the terms of leases of personal property so as to enable the lessee to compare more readily the various lease and credit terms available to him, to limit balloon payments, and to assure meaningful and accurate disclosures of lease terms in advertisements. Requires, under the Truth in Lending Act, the lessor of personal property to give to the lessee, prior to the consummation of the lease, a dated written statement on which the lessor and lessee are identified setting out in a clear conspicuous manner the terms of the lease, as specified by this Act. Imposes specified limitations upon consumer lease advertising. Makes a lessor who violates the provisions of this Act civilly liable to the lessee. Enumerates damage limitations and defenses for the lessor.
United States · United States Congress · 23 July 1975
Expresses congressional disapproval of sales to Jordan of the Hawk missile and Vulcan antiaircraft systems as proposed by the President on July 10, 1975.
United States · United States Congress · 17 July 1975
Authorizes the President to issue a proclamation designating Sunday, September 14, 1975, as "National Saint Elizabeth Seton Day" and calling upon the people of the United States to observe that day with appropriate ceremonies.
United States · United States Congress · 16 July 1975
Fair Credit Reporting Act Amendments - Prohibits, under the Fair Credit Reporting Act, a consumer reporting agency from making any consumer report containing records of arrest or criminal conviction if the consumer involved: (1) was sentenced under the Youth Corrections Act; (2) was not convicted of a crime of violence; and (3) subsequently received a certificate setting aside his conviction. Provides that no consumer reporting agency may make any report containing information of records of arrest or indictment if: (1) the police have elected not to refer a matter to a prosecutor; (2) a prosecutor has elected not to commence criminal proceedings; or (3) a case results in: (a) acquittal, (b) charge dismissed, (c) nolle prosequi, (d) no paper, or (e) case continued without finding.
United States · United States Congress · 16 July 1975
Provides that no bank which has has deposits insured by the Federal Deposit Insurance Corporation may refuse to honor checks drawn upon the United States Treasury in any amount up to $1,000, or make any charge to the payee for the honoring of such check.
United States · United States Congress · 14 July 1975
Interim Fisheries Zone Extension and Management Act - Extends the jurisdiction of the United States over specified ocean areas and fish for purposes of protecting the domestic fishing industry. Requires the Secretary of Commerce to conduct research in order to promote the conservation of fish originating in the United States territorial sea and contiguous fisheries zone. Authorizes the appropriation of up to $1,000,000 in any fiscal year to carry out the provisions of this Act.
United States · United States Congress · 11 July 1975
Provides that the gross income, under the Internal Revenue Code, of an employee shall not include (1) amounts directly or indirectly received as payment or reimbursement for legal services under group legal service plans, (2) the value of legal services rendered under such plans, or (3) contributions by employers to such plans.
United States · United States Congress · 26 June 1975
Authorizes the Secretary of the Army, acting through the Chief of Engineers, to carry out a program for flood prevention in the North Branch of the Chicago River Watershed in Cook and Lake Counties, Illinois.
United States · United States Congress · 25 June 1975
Title I: Regulation of Interest Rates - Extends the authority for the flexible regulation of interest rates on deposits and share accounts in depository institutions from December 31, 1975 to December 31, 1976. Title II: Electronic Fund Transfers - Prohibits Federal regulatory agencies from authorizing financial institutions to establish or expand any electronic funds transfer systems for 90 days after enactment of this Act. Directs the National Commission on Electronic Fund Transfers to review existing electronic fund transfer systems and applications for such and to make recommendations for monitoring such systems. Title III: Mortgage Disclosure - Mortgage Disclosure Act - Requires depository institutions to make available to the public the number and dollar amount of mortgage and real estate loans, and savings accounts: (1) that were outstanding at the end of the previous fiscal year; and (2) which were made or held during the year. Directs the Bureau of the Census to study the feasibility and practicality of the disclosure requirements of this Act in various geographical locations.
United States · United States Congress · 17 June 1975
Broadcast License Renewal Act - Permits the Federal Communications Commission to extend three-year broadcast licenses for an additional two years upon a finding of public interest. Requires in making such determination, considerations of whether different term lengths for radio and television stations and for different categories of licensees are in the public interest. Limits other class licenses to a five-year maximum, prescribing the renewal procedures for such licenses and the criteria to be considered in renewal, including responsiveness and lack of serious deficiencies. Sets guidelines for expeditious action on applications for renewal of broadcasting station licenses by limiting material required to be filed. Requires the Commission to examine the renewal process and report within six months on methods of reducing and consolidating filings and supporting documents.
United States · United States Congress · 11 June 1975
Provides for the striking of, and furnishing to the American Revolution Bicentennial Administration, not more than 25,000 medals commemorating the contributions of persons of various ethnic backgrounds to the founding of the United States.
United States · United States Congress · 9 June 1975
Authorizes the construction and maintenance of the General Draza Mihailovich Monument in Washington, District of Columbia, in recognition of the role he played in saving the lives of approximately five hundred United States airmen in Yugoslavia during World War II.
United States · United States Congress · 4 June 1975
Authorizes and directs the General Accounting Office to audit the Federal Reserve Board, the Federal Advisory Council, the Federal Open Market Committee, and Federal Reserve banks and their branches. Requires the Comptroller General to annually file a report with Congress on the results of the audit. Directs the Comptroller General to include recommendations for attaining a more economical and efficient administration of the entities audited.
United States · United States Congress · 22 May 1975
Extends to the Senate and the House of Representatives authorization for drawing checks in favor of a financial organization for credit to employees' checking accounts, savings accounts, or for purchases of credit union shares.
United States · United States Congress · 22 May 1975
Credit Union Financial Institutions Act Amendments - Title I: New Powers and Modernization - Empowers a Federal credit union to make loans and extend credit to members, other credit unions, or financial organizations. Permits credit unions to make loans to members in accordance with the following: (1) loans shall be made in conformity with criteria established by the board of directors and with standards enumerated in this Act; (2) lines of credit shall be established to a stated maximum amount on certain terms and conditions which may be different than those of another borrower; (3) loans to other credit unions shall be approved by the board of directors and not exceed 1 percent of the unimpaired capital and surplus; and (4) participation loans shall be in accordance with written policies of the board of directors. Empowers the credit union to invest funds: (1) in securities or obligations guaranteed by the United States or any agency or instrumentality thereof; (2) in obligations of any State, or the several territories and possessions or any political subdivision thereof; and (3) in the shares or obligations of any other organization which advances the development of credit unions. Empowers credit unions to place their funds: (1) in share accounts or deposits of savings which are insured by an agency of the Federal Government, or by any federally or State insured credit union; and (2) in demand or time deposits of banks whose accounts are insured by the Federal Deposit Insurance Corporation. Empowers such credit union to sell all or part of its assets to another credit union, or to purchase assets from another such credit union, and to permit members to transfer money to and from the member's account pursuant to regulations of the Board. Declares that Federal credit union membership shall consist of the incorporators, and such other persons and organizations as may be elected. Stipulates that a Federal credit union shall be managed by a board of directors, a supervisory committee, and a credit committee. Requires the board of directors to annually elect from their number an executive officer, one or more vice presidents, a treasurer, and a secretary. States that the board of directors shall meet at least once a month and shall have general control of the direction of the Federal credit union. Enumerates the general functions and duties of the board of directors. Permits the board of directors to elect a credit committee. Makes it the duty of the committee to hold such meetings as are necessary to consider applications for loans or lines of credit. Requires each Federal credit union to maintain reserves against its demand deposits in the Central Liquidity Facility and in currency and coin in such other form as the Board of Governors of the Federal Reserve System may provide. Authorizes the board to declare a dividend after provision for required reserves has been made. Authorizes issuance of shares in joint tenancy with persons designated by the credit union member. Authorizes shares to be issued in the name of a minor or in trust. Repeals provisions of the Federal Credit Union Act pertaining to: (1) District of Columbia credit unions; (2) approval of certificates; and (3) conditions upon conversion to Federal status. Title II: Restructuring the National Credit Union Administration - Establishes in the executive branch of the Government an independent agency to be known as the National Credit Union Administration. Places the Administration under the management of a National Credit Union Administration Board and provides for a National Credit Union Administration Advisory Board. States that the Board shall have three members having credit union experience appointed by the President with the advice and consent of the Senate. Directs the Chairperson of the Board to be the spokesperson of the Board and to represent the Board and the National Credit Union Administration in its relations with other branches of the Government. Requires that an Advisory Board be elected to advise and make recommendations on policy matters to the Board. Permits any aggrieved party to seek to enjoin or obtain other appropriate remedy when a charter revocation or suspension or an involuntary liquidation is ordered by the Board. Limits the powers of the Administration to the exercise of all powers specifically granted by the provisions of the Federal Credit Union Act and such incidental powers as shall be necessary to carry out the power so granted. Title III: Share Insurance - Includes credit unions organized and operated according to the laws of the trust territories in the Federal credit unions whose member accounts are insured by the Administrator. Title IV: Central Liquidity Facility - Establishes the National Credit Union Central Liquidity Facility to: (1) provide funds to meet the liquidity needs of credit unions; (2) provide for an orderly transfer of funds; and (3) assist credit unions to improve their general welfare and the financial and general welfare of their members and member's family. Vests management of the Facility in the National Credit Union Administration Board. Authorizes the Secretary of the Treasury to advance $500,000 to be utilized by the Facility for initial organization and operating expenses. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having a par value of $50 each. Enumerates the general powers of the Board in administering the Central Liquidity Facility. Entitles any member of the Facility to apply in a form prescribed by regulations for advances. Authorizes the Board to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to purchase any obligation issued by the Board in the event of insufficient funds in the Facility to meet the obligations arising under this Act. Directs the Board to prepare and submit to the President and to the Congress annually a full report on the activities of the Facility for the previous year. Exempts the Facility from all taxation imposed by the United States or by any State.
United States · United States Congress · 6 May 1975
Prohibits, except as provided in this Act, the inspection of tax returns and the disclosure of information contained in such returns. Authorizes the inspection of returns by or disclosure to (1) the taxpayer or his representative; (2) employees of the Internal Revenue Service and Department of Justice solely for purposes of enforcement of the tax laws; (3) State agencies charged with administration of the tax laws only for that purpose; (4) the President of the United States in the performance of his official duties; and (5) the Joint Committee on Internal Revenue Taxation for statistical purposes only. Increases the criminal penalties for unauthorized disclosure or receipt of information under this Act.
United States · United States Congress · 6 May 1975
Constitutional Amendment - Provides that the people of the District constituting the seat of government of the United States shall elect two Senators and the number of Representatives in Congress to which the District would be entitled if it were a State. States that each Senator or Representative so elected shall be an inhabitant of the District and shall possess the same qualifications as to age and citizenship and have the same rights, privileges, and obligations as a Senator or Representative from a State.
United States · United States Congress · 5 May 1975
Credit Uses Reporting Act - Establishes a program of reporting on uses of commercial bank credit and on the accommodation of national priority uses of credit. Enumerates national priority uses for purposes of this Act. Directs the Board of Governors of the Federal Reserve System to administer such program.
United States · United States Congress · 1 May 1975
Expresses the sense of Congress that the United States delegation to the European Security Conference should not agree to the recognition by the European Security Conference of the Soviet Union's annexation of Estonia, Latvia, and Lithuania and it should remain the policy of the United States not to recognize in any way the annexation of the Baltic nations by the Soviet Union.
United States · United States Congress · 30 April 1975
Equal Credit Opprotunity Act Amendments - Revises the coverage of the Equal Credit Opportunity Act to include prohibitions against credit discrimination based upon age (provided the applicant has the capacity to contract), race, color, religion, or national origin. Exempts from such Act loan assistance authorized by law or offered by nonprofit organizations to aid an economically disadvantaged class. Provides that the fact that a creditor's loans to any classification are not equal to the population percentage of such classifications in the creditor's trade area, is not a violation of the Act. Directs the Board to establish an advisory committee to advise and consult with it in the exercise of its functions under this Act. Revises the civil liability provisions for violations of the Act. Provides that no later than February 1 of each year after 1976, the Board and the Attorney General shall make reports to Congress concerning the administration of their functions under this title.
United States · United States Congress · 30 April 1975
Provides under the Internal Revenue Code that the amount of the income tax credit for investment in qualified depreciable property shall be equal to 12 percent of the qualified investment.
United States · United States Congress · 28 April 1975
Provides hospital and medical care to members of the armed forces of Poland or Czechoslovakia who participated in armed conflict with an enemy of the United States during World War I or World War II, and who have been citizens of the United States for not less than 10 years. Provides that such hospital and medical care shall be available to the same extent as if such service had been performed in the Armed Forces of the United States.
United States · United States Congress · 23 April 1975
Authorizes the diversion and withdrawal of additional water from Lake Michigan into the Illinois Waterway. Requires the Chief of Engineers, Department of the Army, to at all times have direct control and supervision of the amounts of water directly diverted from Lake Michigan under this Act.
United States · United States Congress · 23 April 1975
Expresses the sense of Congress that the United States delegation to the European Security Conference should not agree to the recognition by the European Security Conference of the Soviet Union's annexation of Estonia, Latvia, and Lithuania and it should remain the policy of the United States not to recognize in any way the annexation of the Baltic nations by the Soviet Union.
![Official portrait of Rep. Annunzio, Frank [D-IL-11]](https://www.congress.gov/img/member/a000212_200.jpg)