United States · United States Congress · 9 February 1988
Depository Institutions Insider Abuse Prevention and Enhanced Enforcement Powers Act of 1988 - Title I: Civil and Administrative Enforcement - Amends the Federal Deposit Insurance Act, the Home Owners' Loan Act of 1933, the National Housing Act, and the Federal Credit Union Act to make employees, agents, and shareholders of depository institutions subject to the administrative enforcement orders of the appropriate Federal regulatory agency. (Current law provides that only officers and directors of depository institutions are subject to such enforcement orders.) Revises the authority of the Federal Deposit Insurance Corporation (FDIC), the Federal Home Loan Bank Board (FHLBB), the Federal Savings and Loan Insurance Corporation (FSLIC), and the National Credit Union Administration (NCUA) to issue cease and desist orders concerning depository institutions within their respective jurisdictions. Allows such agencies to issue cease and desist orders to: (1) require affirmative action to correct conditions resulting from certain violations or practices, including making restitution or reimbursement, providing indemnification, rescinding contracts, or disposing of assets or loans; (2) limit the activities or functions of the depository institution or any director, officer, or other person participating in the conduct of the affairs of the institution; and (3) require the cessation of certain activities if the depository institution's books and records are incomplete or inaccurate or require the restoration of books and records to a complete and accurate state. Revises rules concerning the suspension or removal of a director or officer of a depository institution due to misconduct by the FDIC, the FHLBB, the FSLIC, and the NCUA. Deletes the requirement that the regulatory agency must show misconduct by an officer or director which results in "substantial" financial loss or other damage to the depository institution. (Allows the temporary removal of an officer or director for misconduct pending a permanent removal if necessary for the protection of the institution or depositors). Provides for identical standards for such removal regardless of where the misconduct occurred. (Current law provides for different standards depending on whether the misconduct took place at another institution or business enterprise or at the particular institution from which removal is sought.) Allows the regulatory agency involved to seek such a suspension or removal in cases where an officer or director has violated any written agreement between the institution and the regulatory agency. Prohibits any person who has been removed or suspended from office or prohibited from participating in the affairs of a depository institution by an order of the FDIC, the FHLBB, the FSLIC, or the NCUA from holding any office in, or participating in the affairs of, any federally regulated depository institution or holding company or subsidiary (including institutions chartered under the Farm Credit Act of 1971). (Presently, the regulatory agency can only prohibit persons from participating in the affairs of the institution in which he or she is presently located.) Allows an exception to such prohibition upon written approval of the appropriate regulatory agency. Provides for the judicial review of denial of such an exception. Authorizes the FDIC, the FHLBB, the FSLIC, and the NCUA to provide notice of the intention to prohibit any person from participating in the affairs of any federally regulated depository institution, notwithstanding the fact that such person has ceased to hold the position of officer or director or has ceased to participate in the conduct of the affairs of such a depository institution before such notice is served. Increases from $1,000 per day to $5,000 per day the civil penalty for the violation of a cease and desist order or an order for the suspension or removal of an officer or director issued by a Federal banking regulatory agency. Imposes a $5,000 civil penalty (in addition to penalties for violations of such orders) for a violation of: (1) any law or regulation; (2) any written condition imposed by the appropriate Federal banking agency in connection with the grant of any application or other request; or (3) any written agreement between the depository institution and the appropriate Federal banking agency. Imposes criminal penalties upon any person who participates in the affairs of any federally regulated depository institution or holding company or subsidiary after having been suspended, removed from office, or prohibited from participating in the affairs of any depository institution by an order of the appropriate Federal banking regulatory agency. (Current law imposes criminal penalties only for participating in the affairs of the institution from which the person was prohibited, removed, or suspended.) Authorizes the FDIC, the FHLBB, the FSLIC, and the NCUA to take the following actions against any real estate appraiser who willfully or through gross negligence misrepresents the value of real property used as collateral for a loan made by any federally regulated depository institution: (1) suspend such person from making such appraisals; (2) prohibit such person from preparing such an appraisal without prior approval by the appropriate regulatory agency; and (3) assess a $5,000 civil penalty. Specifies that the influencing of a real estate appraiser by any director, officer, or other person participating in the affairs of a federally regulated depository institution shall be treated by the appropriate banking regulatory agency as an unsafe and unsound practice. Revises procedures for the termination of FDIC deposit insurance to delete provisions requiring 120 days' advance notice by the FDIC to the appropriate Federal and State banking regulatory agencies prior to such a termination. Specifies that no amendments made by this Act shall be construed as limiting the authority of any appropriate Federal banking regulatory agency under any other Federal law or under the law of any State. Increases from $100 per day to $5,000 per day the penalty for unauthorized participation in the affairs of a depository institution by any person who has been convicted of any criminal offense involving dishonesty or a breach of trust. Makes both the depository institution and the individual involved subject to such penalty. (Current law makes only the depository institution subject to such penalty.) Revises the procedure for imposing penalties for violations of the Change in Bank Control Act and Change in Savings and Loan Control Act. Reduces the amount of such penalties from $10,000 per day to $5,000 per day. Authorizes the FHLBB and the FSLIC to issue civil enforcement orders concerning a service corporation of an association or a subsidiary of such service corporation, whether wholly or partly owned. (Current law limits such authority to orders concerning an affiliate service corporation of an association.) Amends the Bank Protection Act of 1968 to repeal requirements for depository institutions to submit periodic reports with regard to the installation, maintenance, and operation of security devices and procedures. Imposes civil penalties for the filing of false or misleading reports of condition by depository institutions and holding companies. (Current law allows penalties only for late reports.) Requires the General Accounting Office (GAO) to conduct a study of the desirability of continued secrecy of administrative and civil enforcement actions taken by Federal banking regulatory agencies. Specifies the factors to be considered in such study, including the deterrent effects and risk of disclosing such actions. Requires GAO to report to the Congress concerning the results of such study. Requires the Comptroller of the Currency, the Federal Reserve Board, the FDIC, the FHLBB, the FSLIC, and the NCUA to make available to the public redactions of decisions and accompanying orders with respect to formal administrative enforcement adjudications of the respective agencies through regular publication or similar means of dissemination. Requires the FDIC, the FHLBB, the FSLIC, and the NCUA to furnish to independent auditors copies of required reports of condition, examination reports, supervisory memoranda of understanding, and all proposed and final civil enforcement actions. Authorizes each agency to issue regulations to ensure the confidentiality of such information. Title II: Right to Financial Privacy Act Amendments - Amends the Right to Financial Privacy Act of 1978 to include bank holding companies, savings and loan holding companies, and their subsidiaries within the coverage of such Act. Exempts from the provisions of such Act the examination by, or disclosure to, any supervisory agency of financial records or information in connection with the exercise by such agency of its supervisory, regulatory, or monetary functions with respect to: (1) any financial institution, holding company, or subsidiary thereof; or (2) any officer, director, employee, agent, or other person participating in the affairs of such an institution. Specifies that the provisions of such Act shall not apply when a financial institution or supervisory agency, or any officer, director, employee, or agent thereof provides financial records to a law enforcement agency of the United States or any State if there is reason to believe that such records may be relevant to possible violations of: (1) any law relating to crimes by or against financial institutions or against supervisory agencies; (2) certain drug control statutes; or (3) money laundering prohibitions. Makes technical amendments relating to the production of subpoenaed records. Authorizes the exchange of information between the supervisory agencies and the Securities and Exchange Commission. (Current law allows such exchanges only between the supervisory agencies themselves.) Makes technical amendments regarding the duty of financial institutions to deliver records to the supervisory agencies. Title III: Report to Congress - Requires the Comptroller of the Currency, the Federal Reserve Board, the FDIC, the FHLBB, and the FSLIC to submit an annual report to the Congress concerning: (1) the numbers of informal and formal supervisory, administrative, and civil enforcement actions instituted; (2) information on assessed and uncollected civil money penalties; (3) enforcement efforts and initiatives undertaken against unsafe and unsound practices, criminal misconduct, and insider abuse; and (4) recommendations concerning the need for additional legislation and resources.
United States · United States Congress · 8 February 1988
Amends the Internal Revenue Code with respect to the Boat Safety Account in the Aquatic Resources Trust Fund to: (1) authorize transfers into the account of motorboat fuel taxes received before October 1, 1999 (current law provides authorization until October 1, 1988); (2) increase from $45,000,000 to $60,000,000 the amount permissible in the Account without triggering a prohibition of Highway Trust Fund transfers into the Account for FY 1988 and thereafter; and (3) extend from April 1, 1989, to October 1, 1999, the date before which expenditures may be made from the Account for recreational boating safety programs. Grants the Secretary of the department in which the Coast Guard is operating liquidating contract authority with respect to State recreational boating safety programs in an amount equal to one-half (currently two-thirds) of the amount of motorboat fuel taxes transferred to the Account in FY 1988 and thereafter. Increases from one-third to one-half the portion of such funds available for Coast Guard services in connection with recreational boating safety services. Prohibits fiscal year expenditures for Coast Guard expenses from exceeding those for State boating safety programs generally. Amends Federal law to permit a State to use contributions of funds, materials, lands, and services to carry out certain fish restoration and management projects in lieu of paying its share of the activity.
United States · United States Congress · 8 February 1988
United States Coast Guard Bicentennial Medal Act - Directs the Secretary of the Treasury to design, strike, and sell a medal in commemoration of the bicentennial of the U.S. Coast Guard in 1990. Requires the design of the medal to be selected by the Secretary of the Treasury after consultation with the Secretary of Transportation and the Commission of Fine Arts.
United States · United States Congress · 3 February 1988
Amends the Internal Revenue Code to exempt from the required application of uniform inventory cost capitalization rules any animal produced in a farming business, regardless of the animal's preproductive period.
United States · United States Congress · 3 February 1988
Thrift Charter Enhancement Act of 1988 - Title I: Amendments Affecting Federally Chartered and De Novo Associations - Amends the Home Owners' Loan Act of 1933 to allow a federally chartered savings and loan association or savings bank to increase the aggregate amount of its commercial loans from ten percent of assets to 20 percent of assets if it has maintained reserves at a level equal to or greater than those required by the Federal Home Loan Bank Board (Board) in three of the preceding four calendar quarters. Increases the amount of the aggregate investment permissible by federally chartered savings and loan association in service corporations from three percent of assets to four percent of assets. Allows the investment of an additional one percent of assets primarily for community, inner city, or community development purposes. Increases the amount an association may invest in any small business investment company from one percent of assets to the greater of one percent of assets or five percent of capital and surplus. Deletes the requirement that such an investment must be for the purpose of aiding members of the Federal Home Loan Bank System. Amends the National Housing Act to provide that following the completion of the initial three years of insured operation substantially in accordance with all material requirements of the Federal Savings and Loan Insurance Corporation (FSLIC), a de novo or other newly insured institution shall cease to be subject to requirements based on its de novo or newly insured status and shall be subject to the laws, regulations, and policies governing insured institutions in the same manner as all other insured institutions. Title II: Amendments Affecting Regulation of Savings and Loan Holding Companies - Revises the definition of "subsidiary" for purposes of the National Housing Act to specify that for purposes of the restrictions on holding company activities the term "subsidiary" does not include a service corporation subsidiary of an insured institution or any subsidiary of such service corporation. Allows insured institutions held by savings and loan holding companies to engage in transactions with affiliates in excess of the greater of $100,000 or 0.1 percent of assets with the approval of the FSLIC. (Present law limits such transactions to the lesser of $100,000 or 0.1 percent of assets.) Allows savings and loan holding companies to acquire up to five percent of the voting stock of an FSLIC-insured institution or its holding company. Specifies that such limitation shall not apply to a savings and loan holding company affiliate that is an investment banking firm or registered broker-dealer with respect to holding securities or that is conducting other activities with respect to securities in the normal course of their business. Repeals the interlocking director provisions of the Savings and Loan Holding Company Act. Modifies the qualified thrift lender test required by the Competitive Equality Banking Act of 1987. Repeals the cross-marketing restrictions on savings and loan holding companies as enacted by the Competitive Equality Banking Act of 1987. Specifies that a mutual holding company may acquire an FSLIC-insured stock institution as well as a mutual institution. Allows a mutual institution subsidiary of a mutual holding company to issue to the public common stock or convertible securities in an aggregate amount not to exceed 49 percent of its total outstanding stock. Repeals the requirement that a savings and loan holding company cannot incur debt in excess of 15 percent of its consolidated net worth without the advance approval of the FSLIC. Prohibits the FSLIC from requiring, as a condition to the acquisition by any savings and loan holding company of a subsidiary insured institution, the execution by such holding company of an agreement to guarantee for a period greater than three years the maintenance of the reserves or other capital of such subsidiary at a specified level (net worth maintenance agreement). Specifies that any such agreements executed prior to the enactment of this Act shall terminate three years after the date of execution of such agreement. Allows the FSLIC to extend such three year period in cases where there is a finding that the subsidiary has not been in compliance with established reserve requirements or has been engaging in unsafe or unsound practices. Requires the FSLIC to revise its rules and regulations relating to loans and other transactions between an insured institution and its executive officers, directors, insiders and other affiliated persons, to be consistent with rules and regulations relating to such transactions developed by the Federal banking agencies. Title III: Amendments to the Depository Institutions Management Interlocks Act - Amends the Depository Institutions Management Interlocks Act to provide an exception to the prohibition against dual service of management officials of certain financial institutions for: (1) a company that becomes a depository holding company by acquiring a failed or failing insured institution pursuant to the National Housing Act; and (2) any depository institution, depository holding company or affiliate, unless the Federal regulator of such institution finds that such interlocking services would result in a monopoly, substantial lessening of competition, or substantial conflict of interest.
United States · United States Congress · 2 February 1988
Child Protection and Obscenity Enforcement Act of 1988 - Title I: Child Pornography - Amends the Federal criminal code to make it illegal to use a computer to transport information in interstate or foreign commerce concerning the visual depiction of minors engaging in sexually explicit conduct (child pornography). Establishes criminal penalties for buying, selling, or transferring the custody of a minor: (1) knowing that, as a consequence of the sale or transfer, the minor will be used in child pornography; or (2) with the intent to promote child pornography. States that such sale or transfer must involve: (1) the minor or other actor traveling in interstate or foreign commerce; (2) communications in interstate or foreign commerce; or (3) conduct in a territory or possession of the United States. Requires any person who produces a book, magazine, periodical, film, videotape, or other matter which contains any visual depiction of sexually explicit conduct (which is shipped or intended for shipment in interstate or foreign commerce, or contains material shipped in interstate or foreign commerce) to maintain certain records regarding the performers portrayed in such conduct. Directs the Attorney General to issue regulations regarding the maintenance and availability of such records. Includes the sexual exploitation of children as a predicate offense to the Racketeer Influenced and Corrupt Organizations (RICO) statute. Title II: Obscenity - Makes it a Federal criminal offense to receive or possess, with the intent to distribute, obscene matter which has been transported in interstate or foreign commerce. Makes it a Federal criminal offense to knowingly use a facility or means of commerce to sell or distribute obscene matter in interstate or foreign commerce. Establishes a rebuttable presumption, with respect to Federal criminal offenses involving obscene matter, that obscene matter produced in one State (or outside the United States) which is subsequently located in another State (or in the United States) was transported, shipped, or carried in interstate (or foreign) commerce. Establishes criminal and civil forfeiture procedures with respect to Federal offenses involving obscene material and child pornography. Includes communications by means of cable or subscription television within the prohibition against broadcasting obscene language. Amends the Communications Act of 1934 to modify the penalty provisions of such Act with respect to obscene telephone communications. Amends the Federal criminal code to establish criminal penalties for the possession or sale of obscene matter on Federal property. Adds obscenity offenses to the list of crimes for which the Government may obtain wiretaps.
United States · United States Congress · 2 February 1988
Amends the Internal Revenue Code to exempt from the gasoline excise tax any sale of gasoline to a State or local government (or to a purchaser for resale to such government) for its exclusive use.
United States · United States Congress · 2 February 1988
Amends the Toxic Substances Control Act to change to November 1, 1989 (or February 1, 1990, if no regulations have been promulgated by the Administrator of the Environmental Protection Agency) the date by which a local educational agency (LEA) must submit an asbestos management plan developed pursuant to regulations under such Act to the Governor of the State. Changes to August 1, 1990, the date by which each LEA must begin the implementation of such plan. Changes to May 1, 1989, the date by which the LEA must inspect for asbestos-containing material in each school building under its authority. Changes to November 1, 1989, the date by which such LEAs must implement an operation and maintenance plan with respect to friable asbestos-containing material in school buildings. Changes to February 1, 1990, the date by which LEAs must develop an asbestos management plan for submission to the Governor of the State.
United States · United States Congress · 27 January 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes or for any other use not as a fuel in a diesel-powered highway vehicle or train. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.)
United States · United States Congress · 18 December 1987
Depository Institution Affiliation Act - Title I: Creation and Control of Depository Instituion Holding Companies - Sets forth the terms and conditions under which a depository institution holding company (DIHC) can be established and must be operated. Requires any DIHC seeking to acquire control of an insured bank, an insured institution, a bank holding company, a savings and loan holding company, or a depository institution holding company to comply with the requirements of the Change in Bank Control Act or the Change in Savings and Loan Control Act, as applicable. Establishes penalties and additional procedures for failing to comply with such requirements. Permits the appropriate Federal regulatory agency the (Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, or the Federal Home Loan Bank Board) to adopt rules and regulations to prevent an insured bank or institution that is controlled by a DIHC from engaging in unsafe or unsound practices. Subjects DIHCs to the same restrictions on affiliate transactions that are imposed upon member banks (banks which are members of a Federal Reserve bank) under the Federal Reserve Act. Establishes additional restrictions on inter-affiliate transactions, including prohibiting an insured bank or institution that is an affiliate of a DIHC from: (1) extending credit to a securities affiliate or subsidiary; and (2) purchasing the assets of a securities affiliate or subisdiary. Provides certain exceptions from such restrictions. Requires any DIHC which is in control of an insured bank or institution found to be undercapitalized to: (1) enter into an agreement with the appropriate Federal regulatory agency to return the bank or institution to compliance with the applicable minimum required capital; (2) divest control of such bank or institution; or (3) be subject to civil penalty. States that Federal regulatory agencies may not impose requirements pertaining to the capitalization of a DIHC. Subjects interstate acquisitions: (1) of an insured bank by a DIHC to the same restrictions applicable to bank holding companies under the Bank Holding Company Act of 1956; and (2) of an insured institution by a DIHC to the same restrictions applicable to savings and loan companies. Prohibits Federal and State governments from enacting laws that discriminate against DIHCs. Prohibits insured banks and institutions that are associated with a DIHC from: (1) dealing in or underwriting securities; (2) underwriting insurance; or (3) investing in or developing real estate. Provides certain limitations on DIHC entry into the businesses of insurance agency and real estate brokerage. Subjects DIHCs to the tying provisions of the Bank Holding Company Act Amendments of 1970 and to the insider lending prohibitions of the Federal Reserve Act Makes conforming amendments to the Bank Holding Company Act of 1956. Amends the Federal Reserve Act to provide that, for the purpose of restricting loans or extending credit to affiliates, a loan or extension of credit shall not be deemed to be made to an affiliate if: (1) the approval of such loan or extension of credit was in accordance with the same standards and procedures and on substantially the same terms that apply to similar loans or extensions of credit; and (2) such loan or extension of credit was not made for the purpose of evading any of the requirements of such Act. Amends the Banking Act of 1933 to make certain provisions which prohibit member banks from becoming affiliated with securities corporations inapplicable to member banks which are controlled by DIHCs. Makes conforming amendments to the Federal Deposit Insurance Act and the National Housing Act. Requires the acquisitions of DIHCs controlling insured institutions to be in accordance with the procedures of such Acts. Amends the Clayton Act to exempt acquisitions of insured banks and institutions by DIHCs from the premerger notification requirements of the Depository Institution Affiliation Act, the Federal Deposit Insurance Act, and the National Housing Act. Makes conforming amendments to the Community Reinvestment Act. Title II: Supervisory Improvements - Establishes a National Financial Services Committee to establish uniform principles and standards for the examination and supervision of financial institutions and other providers of financial services. Title III: Thrift Improvements - Amends the National Housing Act to exempt institutions controlled by DIHCs from the definition of "insured institution" for purposes of the Savings and Loan Holding Company Act. States that savings and loan holding companies and their subsidiaries shall not be subject to the debt approval requirements of such Act if their insured subsidiaries have met certain qualified thrift lender requirements. Deletes the Savings and Loan Holding Company Act management interlock prohibitions. Establishes affiliate transaction standards which are applicable to all insured institutions. Preempts inconsistent State and Federal laws, rules, and regulations. Exempts savings and loan holding companies from restrictions on: (1) affiliation with institutions which engage in underwriting and distributing securities; and (2) cross marketing practices. Amends the Depository Institutions Management Interlocks Act to permit management interlocks between savings and loan holding companies whose insured subsidiaries satisfy the qualified thrift lender requirement (unless the Federal Home Loan Bank Board determines that such an interlock would result in a monopoly or lessen competition and that preventing the interlock is the only way to prevent such anticompetitive results).
United States · United States Congress · 18 December 1987
Financial Modernization Act of 1987 - Title I: Securities Affiliates of Bank Holding Companies - Amends the Banking Act of 1933 to repeal specified provisions of such Act which: (1) bar member banks from affiliating with securities firms; and (2) prohibit member banks from employing officers, directors, or employees who are also employed by a firm primarily engaged in securities underwriting. Amends the Bank Holding Company Act of 1956 to allow bank holding companies to own shares of securities affiliates which engage in: (1) underwriting, distributing, or dealing in securities of any type; (2) securities brokerage, investment advisory, or other accepted securities activities; and (3) other activities permitted by the Board of Governors of the Federal Reserve System. Establishes criteria for Board approval of such acquisitions. Prohibits mergers between certain large banks or bank holding companies (those having assets of more than $30,000,000,000) and investment banking organizations (those having assets of more than $15,000,000,000). Establishes criteria (including a notice requirement) for bank holding company funding of securities affiliates. Establishes capital adequacy criteria to be used by the Board in determining whether a bank holding company meets the acquisition guidelines. Establishes restrictions on inter-affiliate transactions, including prohibiting a member bank from: (1) extending credit to the securities affiliate; or (2) purchasing the assets of the securities affiliate. Requires each appropriate Federal banking agency to establish a program for: (1) enforcing compliance with the requirements of this Act; and (2) responding to consumer complaints. Provides that bank holding companies having a securities affiliate that accounts for at least 80 percent of the company's revenues and assets shall not be subject to the inspection, examination, or reporting requirements of the Board. States that acquisition applications which are not acted upon by the Board within 91 days shall be deemed to be granted. Preempts State laws which are inconsistent with this Act. Amends the Federal Deposit Insurance Act to impose additional restrictions on securities affiliations of insured banks. Authorizes national banks to: (1) underwrite certain types of government bonds; (2) sponsor unit investment trusts; and (3) distribute investment company securities. Title II: Expedited Procedures - Amends the Bank Holding Company Act of 1956 to establish (under limited circumstances, where a company acquires control of a bank in a reorganization) expedited procedures for forming a bank holding company. Requires any bank holding company seeking to engage in certain nonbanking activities (as determined by the Board) to notify the Board of such intentions. Allows the Board 60 days to: (1) disapprove the proposal; or (2) extend the time period for Board consideration. Provides limited exceptions from such notice requirements. Requires the Board, in determining whether to disapprove an application under this Act, to consider whether the activity described would produce benefits to the public. Allows the Board to reduce the post-approval waiting period for: (1) bank holding company acquisitions; and (2) bank mergers.
United States · United States Congress · 17 December 1987
Amends the Solid Waste Disposal Act to authorize the Administrator of the Environmental Protection Agency to commence an administrative enforcement action under such Act against any Federal entity or employee responsible for the disposal or management of solid waste.
United States · United States Congress · 17 December 1987
Requires the Office of Personnel Management to report, with recommendations, to the Congress on the problem of delays in processing applications for benefits under the Civil Service Retirement System. Directs the Office to examine: (1) current methods and procedures; (2) circumstances where it might be appropriate to provide interim benefits; (3) the feasibility of processing records, forms, and other matters in anticipation of an employee's retirement; and (4) the effectiveness of retirement counselors. Requires the report to contain a plan to allow an individual to go from regular pay to retirement or disability retirement pay without interruption.
United States · United States Congress · 10 December 1987
Authorizes the Secretary of Agriculture to make competitive research grants to: (1) develop a statistical framework to measure the extent to which microbiological and chemical agents in agricultural products pose human health risks; (2) identify such agents; and (3) devise appropriate testing and control procedures. Creates a peer review committee to evaluate grant applications. Requires the Secretary to report to the appropriate congressional committees no later than one year after enactment of this Act, and annually thereafter. Authorizes FY 1988 through 1992 appropriations.
United States · United States Congress · 9 December 1987
Requires that, for the purpose of the income tax deduction for medical expenses, expenditures for the acquisition, training, and maintenance of a service animal used to assist a handicapped individual be treated in the same manner as corresponding expenditures in connection with guide dogs for the blind. (Under Internal Revenue Service revenue rulings, these latter expenditures are treated as deductible.)
United States · United States Congress · 9 December 1987
Amends the Federal judicial code to allow Federal judges who have attained the age of 60 and completed 20 years of service to retire from regular active service.
United States · United States Congress · 3 December 1987
Designates Clarks Hill Lake and Clarks Hill Dam, located on the Savannah River on the border between Georgia and South Carolina, and the portion of U.S. Route 221 that traverses the dam, as the J. Strom Thurmond Lake, the J. Strom Thurmond Dam, and the J. Strom Thurmond Highway, respectively.
United States · United States Congress · 20 November 1987
Real Estate Appraisal Reform Act of 1987 - Title I: Federal Interagency Appraisal Council - Establishes the Federal Interagency Appraisal Council. Transfers to the Council the authority of the following Federal agencies and instrumentalities with respect to appraisal standards and appraiser qualification functions: (1) Federal bank regulatory agencies; (2) the Veterans Administration and the Federal Housing Administrator; (3) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; (4) the Securities and Exchange Commission; (5) the Federal Financial Institutions Examination Council; (6) the General Services Administration; and (7) the Farmers Home Administration. Requires the Council to: (1) issue rules describing categories of real estate-related financial transactions which constitute federally covered transactions under this Act; (2) prescribe uniform standards for the performance of such real estate appraisals; (3) establish requirements for the certification of persons who are qualified to perform appraisals; (4) directly grant certification to and supervise the activities of such persons in States which do not have an approved State appraiser certifying agency; (5) monitor and oversee the activities of approved State appraiser certifying agencies; and (6) report to the Congress not later than January 31 of each year on Council activities and any problems encountered in carrying out its functions. Requires uniform standards prescribed by the Council to: (1) be designed to produce an accurate assessment of the market value of the subject of the appraisal; (2) prescribe the contents of and the manner in which an appraisal shall be performed and the factors which may be considered in performing an appraisal; (3) require the use of state-of-the-art appraisal techniques; (4) permit certain functions in connection with the appraisal to be performed by non-certified persons so long as the final appraisal document is approved and signed by a certified person; (5) prohibit the performance of appraisals by persons who have any financial interest in the property being appraised; and (6) recognize and reflect differences in the types of real estate on which appraisals are performed. Allows such standards to incorporate appraisal standards promulgated by a government agency or by the appraisal industry, if such standards meet the requirements of this Act. Requires appraiser certification requirements to: (1) prescribe a code of ethical responsibility and a level of competency which a person must satisfy to qualify for certification; (2) prescribe the procedures and testing requirements under which a certification shall be granted; (3) modify certification requirements for appraisers with prior experience; (4) set forth the criteria and circumstances under which disciplinary action shall be taken against a certified appraiser; (5) insure the performance of accurate and independent appraisals; and (6) recognize and reflect differences in required skills on different types of real estate. Requires appraisal standards and appraiser certification requirements to be prescribed in accordance with Federal procedures, including the holding of public hearings. Requires appraisal standards to be proposed not later than 18 months after the date of enactment of this Act and adopted not later than 24 months after the date of enactment. Requires appraiser certification requirements to be proposed not later than 12 months after the date of enactment of this Act and adopted not later than 18 months after the date of enactment. Grants the Council oversight and disciplinary authority over State certifying agencies and certified appraisers. Directs the Council to: (1) determine which real estate-related financial transactions are of sufficient financial or public policy importance as to require the performance of a certified appraiser; and (2) prescribe rules describing such transactions in accordance with this Act, and designate them as federally covered transactions within 24 months after the date of enactment of such Act. Describes transactions which may be so designated, including any transactions involving $1,000,000 or more of appraised property. Sets forth the membership of the Council and administrative provisions. Requires the Council to have two advisory committees to be known as: (1) the Real Estate Appraiser Committee to provide advice, information, analysis, and recommendations concerning real estate appraisal standards and requirements for certification of appraisers; and (2) the Real Estate Appraisal User Committee to provide advice, information, analysis, and recommendations concerning the use of appraisals in real estate-related financial transactions. Authorizes appropriations to the Council. Authorizes the Council to assess and collect fees from each person who receives a certification and each person who obtains an appraisal for a commercial for-profit transaction. Provides for the transfer of personnel in accordance with the transfer of functions under this Act. Title II: Approval of State Appraiser Certifying Agencies; Certification of Appraisers - Provides for the Council to approve State certifying agencies which function in accordance with the requirements under this Act. Provides for certifying appraisers by the State certifying agency or by the Council in States which do not have such an agency or in States with a non-approved agency. Title III: Appraisals in Federally Covered Transactions - Sets forth penalties for any person: (1) to knowingly seek, obtain, or give money or any other thing of value in exchange for the performance of an appraisal by a person who is not a certified appraiser; and (2) who is not a certified appraiser to knowingly provide an appraisal. Requires Federal agencies to use the services of a certified appraiser if a fee is involved. Title IV: General Provisions and Definitions - Specifies the Federal bank regulatory agencies as: (1) the Federal Reserve Board; (2) the Federal Deposit Insurance Corporation; (3) the Office of the Comptroller of the Currency; (4) the Federal Home Loan Bank Board; and (5) the National Credit Union Administration. Requires Federal agency reports of disciplinary and enforcement actions to the Council and the appropriate State certifying agency.
United States · United States Congress · 17 November 1987
Sugar Supply Stabilization Act of 1987 - Amends the Food Security Act of 1985 and the Agricultural Act of 1949 with respect to price support levels for crops of sugar beets and sugarcane. Reduces the sugar support price progressively over crop years from 18 cents per pound in 1986 to 12 cents per pound in 1991 and thereafter. Increases the annual import quota applicable to sugars, syrups, and molasses derived from sugarcane or sugar beets by 500,000 tons per year for 1989 through 1992. Repeals provisions of the Food Security Act of 1985 that authorize the President to take certain actions to prevent sugar loan forfeitures. Directs the Secretary of Agriculture to conduct a study and report to specified congressional committees concerning means of reducing the difference between the loan rate and the market stabilization price by using alternative methods for determining transportation differentials, regional loan rates, and the market stabilization price of sugar.
United States · United States Congress · 10 November 1987
Directs the Secretary of Commerce to adjust census figures as necessary so that illegal aliens shall not be counted for purposes of the apportionment of Representatives in the Congress.
United States · United States Congress · 4 November 1987
Export-Import Bank Amendments of 1987 - Amends the Export-Import Bank Act of 1945 to require the Export-Import Bank to: (1) estimate an allowance for loan losses; and (2) deduct the amount of such allowance from revenues and assets in accordance with generally accepted accounting principles. Requires the Bank to include in its annual report to the Congress on its operations the aggregate amount of allowances for loan losses and a description of the method used in determining the amount of such allowances. Specifies that in providing for loan loss allowances or reporting on such allowances, no reference shall be made and no information disclosed with respect to any particular loan or country.
United States · United States Congress · 29 October 1987
Amends the Steel Import Stabilization Act to limit the amount of 60-inch wide flat-rolled stainless steel coil and sheet that may be imported after 1987.
United States · United States Congress · 28 October 1987
Goose, Gander, and Sauce Act of 1987 - Declares that the pay of any person employed by the United States is subject to garnishment, execution, levy, attachment, and other legal process in the same manner as persons not employed by the United States.
United States · United States Congress · 22 October 1987
Expresses the sense of the House of Representatives that: (1) Nicaragua should undertake specified reforms, such as reinstating due process and fair trials, ending torture, conducting free elections, allowing an uncensored free press, ensuring the right to strike and to publish for unions, ceasing attacks against civilians, and ending the forced relocation of Indians and Creoles; and (2) all countries in Central America should continue to work toward achieving the democratic principles and processes specified in the August 7, 1987, Central American peace accord.
United States · United States Congress · 20 October 1987
Amends the Tax Reform Act of 1986 to delay for one year, from 1987 until 1988, implementation of the increase from 80 percent to 90 percent in the current year liability test for estimated tax payments by individuals.
United States · United States Congress · 13 October 1987
Department of Veterans Affairs Act - Redesignates the Veterans Administration (VA) as the Department of Veterans Affairs (the Department), an executive department within the executive branch of the Government. Provides that the Department shall be headed by the Secretary of Veterans Affairs, to be appointed by the President, by and with the advice and consent of the Senate. Designates as other principal officers of the Department the Deputy Secretary, the Chief Medical Director, and the Chief Benefits Director. Provides for the temporary continuation of service of the current Administrator, Deputy Administrator, Chief Medical Director, and Chief Benefits Director of Veterans Affairs. Establishes within the Department eight Assistant Secretaries, each of whom shall be appointed by the President, by and with the advice and consent of the Senate, to perform such functions as the Secretary may prescribe. Directs the Secretary to assign to one such Assistant Secretary all functions regarding the National Cemetery System and the State cemetery grant program. Outlines functions which the Secretary shall assign to the Assistant Secretaries. Provides for the temporary continuation of the performance of such functions by present personnel until such functions are assigned to an individual appointed as Assistant Secretary under this Act. Redesignates the current VA's Department of Medicine and Surgery as the Veterans Health Services Administration of the Department. Redesignates the VA's current Department of Veterans Benefits as the Veterans Benefits Administration of the Department, whose primary function shall be to administer nonmedical programs which provide assistance to veterans, their dependents, and their survivors. Establishes within the Department the Office of the General Counsel. Redesignates the current Office of Inspector General of the VA as the Office of Inspector General of the Department. Provides that any references to departments or positions under the current VA system shall be considered to be references to such departments and positions of the Department as modified under this Act. Provides continuing effect of all legal documents, suits, actions, and property and resources of the current VA. Directs the Secretary of Veterans Affairs, after appropriate congressional consultation, to prepare and submit to the Congress proposed legislation containing technical and conforming amendments to reflect the changes made under this Act. Requires such legislation to be submitted no later than six months after the enactment of this Act. Provides that any spending authority of the Department is subject to available amounts as provided in appropriation Acts.
United States · United States Congress · 1 October 1987
Federal Employees' Political Activities Act of 1987- Prohibits an employee from using or attempting to use official authority or influence to interfere with or affect the result of any election. Prohibits an employee from using or attempting to use official authority to intimidate, threaten, coerce, command, or influence: (1) any individual for the purpose of interfering with the right of any individual to vote as the individual may choose, or of causing any individual to vote, or not to vote, for any candidate or measure in any election; (2) any person to give or withhold any political contribution; or (3) any person to engage, or not to engage, in any form of political activity. Prohibits an employee from using or attempting to use, or permitting the use of, any official information unless such information is available to the general public. Prohibits an employee from: (1) giving or offering to give a political contribution to any individual either to vote or refrain from voting, or to vote for or against any candidate or measure, in any election; (2) soliciting, accepting, or receiving a political contribution to vote or refrain from voting, or to vote for or against any candidate or measure, in any election; or (3) giving or handing over a political contribution to a superior of the employee. Prohibits an employee from soliciting, accepting, or receiving, or from being in any manner concerned with soliciting, accepting, or receiving, a political contribution: (1) from another employee (or a member of another employee's immediate family) with respect to whom the employee is a superior; or (2) in any room or building occupied in the discharge of official duties by a Federal employee or official or an individual receiving salary or compensation from the Treasury. Prohibits an employee from soliciting, accepting, or receiving a political contribution from, or giving a political contribution to, any person who: (1) has, or is seeking to obtain, contractual or other business or financial relations with the employing agency; (2) conducts operations or activities which are regulated by that agency; or (3) has interests which may be substantially affected by the performance of the employees' official duties. Directs the Special Counsel of the Merit Systems Protection Board to prescribe regulations which exempt employees from such prohibitions. Prohibits an employee from engaging in political activity: (1) while on duty; (2) in any room or building occupied in the discharge of official duties by a Federal employee or official; (3) while wearing a uniform or official insignia identifying the office or position of the employee; or (4) while using any vehicle owned or leased by the Government. Exempts certain high level political appointees from such prohibitions if the costs associated with the political activity are not paid for by money derived from the Treasury. Describes such a political appointee as one: (1) whose duties and responsibilities continue outside normal duty hours and while away from the normal duty post; (2) who is paid from an appropriation for the Executive Office of the President; (3) whose position is located within the United States; and (4) who determines policies to be pursued by the United States in its relations with foreign powers or in the nationwide administration of Federal laws. Authorizes leave without pay or accrued annual leave to an employee who is a candidate, upon request, to allow such employee to engage in activities relating to that candidacy. Declares that such request may be denied if the exigencies of the public business so require. Declares that such employee may be required to take leave without pay or accrued annual leave in order to be a candidate if activities relating to the candidacy interfere with the employee's performance of duties. Directs the Special Counsel to prescribe rules and regulations to implement this Act. Applies this Act to postal employees and employees of the Postal Rate Commission.
United States · United States Congress · 30 September 1987
Deceptive Mailings Prevention Act of 1987 - Declares as nonmailable matter, matter which constitutes a solicitation by a non-governmental entity: (1) for the purchase of products or services which are provided free of charge or at a lower price by the Federal Government, or which are substantially the same as such products or services; (2) for the purchase of products or services and which contains a seal, insignia, trade or brand name, or any other term or symbol which reasonably could be interpreted or construed as implying Federal Government connection, approval, or endorsement; and (3) for the contribution of funds and which contains a seal, insignia, trade or brand name, or any other term which could reasonably be interpreted or construed as implying Federal Government connection, approval, or endorsement. Allows the mailing of such matter if it contains a conspicuous disclaimer that it is not a Government document. Establishes penalties for violations of this Act.
United States · United States Congress · 25 September 1987
Consumer Product Safety Improvement Act of 1987- Title I: Amendments to Acts - Amends the Consumer Product Safety Act (CPSA) to require the Consumer Product Safety Commission: (1) to publish an advance notice of proposed rulemaking in cases where there is a significant risk of injury associated with a product and where a consumer product safety rule (rule) would reduce such risk; and (2) within a specified period, to publish a proposed rule or terminate the proceeding if it is not reasonably necessary to reduce risk or not in the public interest. Requires each manufacturer of a product subject to the rule to pay a specified amount to defray the cost of promulgating such rule. Permits the Commission to rely only upon voluntary consumer product safety standards which are in existence and issued after consideration of the views of interested parties, including consumers and consumer organizations. Requires the Commission to monitor compliance with such standards. Allows interested parties to petition the Commission to issue a rule or amendment to reduce the risk of injury associated with a product. Directs the Commission to grant or deny the petition within 120 days. Authorizes the petitioner to commence a civil action in U.S. district court to compel the Commission to initiate the rulemaking proceeding if the Commission denies the petition or fails to grant or deny such petition within 120 days. Directs the court to order the Commission to initiate the rulemaking if the petitioner shows, by a preponderance of evidence in a de novo proceeding, that the product presents an unreasonable risk of injury and that the Commission's failure to initiate a rulemaking proceeding unreasonably exposes consumers to a risk of injury by the product. Authorizes the court to award court costs in such an action. Provides that the Chairman of the Commission shall be selected by its members and shall serve a two-year term. Terminates the term of office of the current chairman 30 days after the date of enactment of this Act but allows such individual to continue to serve as a Commission member until the expiration of the member's term. Makes a Commission member whose term will expire before the expiration of the two-year term of the Chairman ineligible to be selected as Chairman. Requires the President to consider individuals with experience in the safety of consumer products or related fields in making Commission appointments. Provides that if the Commission consists of only three members, two members of the Commission will constitute a quorum for the transaction of business. Creates a new position of Director of Compliance, to be filled only by an attorney. Prohibits individuals from serving in specified directorships on an acting basis for a period longer than 90 days. Requires the Commission to employ on a permanent basis no fewer than the full-time equivalent of 525 officers and employees, subject to the availability of appropriations. Exempts from public disclosure restrictions information not developed by the Commission and on which the Commission has included a disclaimer regarding the accuracy of the information. Deletes provisions governing the bringing of a civil action by the manufacturer or private labeler who is notified that the Commission plans to disclose a document claimed by such party to be inaccurate. Authorizes any State attorney general and any other official charged with enforcing State consumer product safety laws to bring a civil action for violations of rules or orders issued under the Consumer Product Safety Act, to petition the Commission to hold public hearings or conduct investigations to determine whether a product presents a substantial hazard, and to appeal Commission decisions. Amends the Federal Hazardous Substances Act to authorize any State attorney general and any other official charged with enforcing state consumer product safety laws to bring a civil action for violations of the Act. Authorizes such officials to petition the Commission to: (1) require notification of the public of banned hazardous substances; (2) order the manufacturer to repair or replace an article which constitutes a banned hazardous substance; and (3) require notification of the public of substances intended for use by children that are not banned but which contain a defect which creates a substantial risk of injury to children. Prohibits the Commission from comparing the costs and benefits of reducing or eliminating risks to the public in determining: (1) whether a substantial product hazard exists; (2) whether a toy or other article intended for use by children complies with the Act's labeling requirement; and (3) whether an action taken is in the public interest. Precludes the district court from making such a comparison in determining whether to declare a product to be imminently hazardous. Sets civil penalties for knowing violations of such Act. Provides for the setting of an agenda and priorities for Commission action each year, following a public hearing and a reasonable opportunity for the submission of comments. Authorizes appropriations Title II: Related Provisions - Requires the Commission to promulgate under the CPSA a rule for all terrain vehicles (ATVs) which: (1) requires the manufacturers of ATVs to offer free training in their operation, offer helmets and other protective equipment with the sale of such vehicles, and provide notice to purchasers of the risk of injury or death presented by such vehicles, especially to children; (2) requires each manufacturer and distributor to establish programs to ensure dealer compliance with the safety requirements of the rule; (3) requires the retail dealers of such vehicles to provide safety information regarding their operation to purchasers; (4) prescribes appropriate performance and design characteristics to improve safety; and (5) requires manufacturers of such vehicles to offer refunds or other appropriate means of remedying the imminently hazardous nature of the vehicle to those who, before the date of enactment of this Act, purchased three-wheel ATVs or adult size ATVs to be operated by children under age 16. Prohibits the sale within a State of three-wheel ATVs or ATVs specifically designed for use by individuals under age 16 unless the State has, within one year of the date of enactment of this Act, a statute in effect: (1) requiring the licensing of drivers of ATVs; (2) requiring safety training for operators of ATVs; (3) requiring the use of helmets by operators of ATVs; and (4) establishing a minimum age of 16 for drivers of ATVs. Makes an exception where the legislature of a State meets every two years and on the date of enactment of this Act there is less than one year left in the session of the legislature, in which case such prohibition will take effect upon the expiration of one year after the legislature of the State meets after the date of enactment of this Act. Directs the Commission to conduct a study under the Flammable Fabrics Act to determine if a special flammability standard is needed for adult sleepwear, and to report the results to the Congress within a year of the date of enactment of this Act. Requires the Commission to review the regulations which apply to lawn darts to determine if stricter requirements, including a ban, are needed for the protection of consumers, particularly children, and to report to the Congress within a year. Directs the Commission to begin proceedings to establish a safety standard for cigarette lighters. Requires the Commission to conduct a study to determine whether to set a minimum age for the operator of an amusement park ride to promote safety, and to report to the Congress within 18 months.
United States · United States Congress · 23 September 1987
Declares that the Congress: (1) expresses its solidarity with the citizens of Iran and extends its wish that the people of Iran will soon enjoy an end to the Iran-Iraq war and to internal repression; (2) supports an official U. S. policy of completely halting the shipment of arms to the Government of Iran; (3) urges the President to cooperate with the United Nations to bring about an end to government-sponsored torture in Iranian prisons and to pressure Iran to permit inspection of Iranian prisons by an international delegation; and (4) expresses support for all efforts made through the U.N. Security Council to pressure the Khomeini Government to end the Iran-Iraq war.
United States · United States Congress · 10 September 1987
Amends the Internal Revenue Code with respect to the corporate income tax exclusion of contributions to the capital of the taxpayer. Includes as a qualifying contribution any amount of money or property received by a regulated public utility (a utility required to provide electric energy, gas, water, or sewage disposal services) that: (1) is a contribution in aid of construction (as defined by regulations to be promulgated by the Secretary of the Treasury); (2) meets certain expenditure requirements; and (3) is not included in the taxpayer's rate base. Excludes amounts paid as customer connection fees.
United States · United States Congress · 9 September 1987
Authorizes the classification of a named individual, the widow of a U.S. citizen, as an immediate relative within the meaning of the Immigration and Nationality Act.
![Official portrait of Rep. Barnard, Doug, Jr. [D-GA-10]](https://www.congress.gov/img/member/0cfaa9df4c43300bfb59befe46ba7cd8_200.jpg)