United States · United States Congress · 22 July 1976
National Consumer Cooperative Bank Act - Title I: National Consumer Cooperative Bank - Sets forth the findings of Congress that there is a need for the establishment of a National Consumer Cooperative Bank and a Cooperative Bank and Assistance Administration which will make available necessary financial and technical assistance to cooperative self-help endeavors as a means of strengthening the Nation's economy. Establishes the National Consumer Cooperative Bank. States that the Bank shall: (1) encourage the development of new and existing cooperatives eligible for its assistance by providing specialized credit and technical assistance; (2) maintain broad-based control of the Bank by its voting stockholders; (3) encourage broad-based ownership, control and active participation by members in eligible cooperatives; (4) assure that the net savings from its operations and the operations of borrowers from the Bank, are made available or accounted for to the stockholders or members of the cooperative organization; and (5) assist in improving the quality and availability of goods and services to consumers. Authorizes the creation of no less than four nor more than twelve corporate regional banks. States that the Bank shall have the power to make and service loans, commitments for credit, guarantees, furnish financially related services, technical assistance, and issue obligations. Enumerates additional powers necessary to carry out its powers and duties under this Act. Authorizes appropriations of $250,000,000 per year for the United States to purchase class A preferred stock of the Bank. Requires the Bank to hold an annual meeting of stockholders. Permits the Bank to obtain funds through the public or private sale of its bonds, debentures, notes, and other evidences of indebtedness. Authorizes the Bank to make loans to eligible organizations which shall be repayable in not more than forty years. States that the objective of the Bank shall be to provide the type of credit needed by eligible borrowers, at the lowest reasonable cost on a sound business basis, taking into account the cost of money to the Bank. Defines "eligible cooperatives" for purposes of assistance under this title as an organization chartered or operated on a cooperative, not for profit basis for producing or furnishing goods, services, facilities, or financing, primarily for the benefit of its members or voting stockholders who are ultimate consumers, if it meets specified criteria, or any other institution chartered or operated in such a way as to enhance competitive market forces or to reduce the price spread between producers and the ultimate consumers of products or services. Title II: Self-Help Development Fund - Establishes in the Treasury a Consumer Cooperative Self-Help Development Fund. Authorizes appropriations of $250,000,000 to be deposited in the Fund. Permits the Cooperative Bank and Assistance Administration to make a capital investment advance out of the Fund to any eligible cooperative if the Administration determines that the applicant's initial or supplemental capital requirements exceed its ability to obtain a Title I loan from the Bank or other sources, and the membership of the applicant consists substantially of low-income persons. Title III: Cooperative Technical Assistance - Directs the Cooperative Bank and Assistance Administration to make available information and services concerning the organization or reorganization of cooperatives to best achieve the objectives of this Act and to best provide the means through which various types of goods, services, and facilities can be made available to members and patrons. States that such assistance may include investigations, surveys, and director and management training and assistance. Authorizes appropriations to the Administration of sums necessary for the administration of this title. Title IV: The Cooperative Bank and Assistance Administration and General Provisions - Establishes the Cooperative Bank and Assistance Administration. Directs the Administration to assure that the objectives of this Act are carried out. States that until the stock of the Bank held by the United States has been fully retired the Bank shall be exempt from any form of taxation. Requires the Administration and the Board to report annually to the appropriate committee of Congress on the activities of the Administration and on the Bank's capital, operations, financial condition, the self-help development fund, and to make recommendations for legistation to improve its services. Authorizes appropriations of sums necessary to carry out the purposes of this Act, in addition to appropriations specifically authorized.
United States · United States Congress · 16 June 1976
Amends the Public Health Service Act to authorize the Secretary of Health, Education, and Welfare to make grants to public and nonprofit private entities which are engaged in the development of new schools of veterinary medicine to assist in such development. Requires applying schools to demonstrate that there is a reasonable indication that non- Federal financial resources for development will be available and that Federal assistance will accelerate the date on which the school will be able to begin its teaching program.
United States · United States Congress · 14 June 1976
Expresses the sense of the House of Representatives that the United States Postal Service shall not close or suspend the operation of any post offices, unless there is a clear and compelling need to do so. Encourages the service to continue cost-cutting programs which do not affect levels of service.
United States · United States Congress · 11 June 1976
Authorizes the Architect of the Capitol to perform such work as may be necessary to prevent further deterioration of historically significant sections of the Congressional Cemetery. Directs the Secretary of the Interior to conduct a study of the purpose of formulating proposals for the renovation and maintenance of such areas by the United States.
United States · United States Congress · 4 June 1976
Government Economy and Spending Reform Act - Title I: Authorizations of New Budget Authority - Terminates on specified dates budget authority for all Government programs except health care services, general retirement and disability insurance, and Federal employee retirement and disability programs which are funded by trust funds. Declares out of order in either the Senate or the House of Representatives any legislation which authorizes new budget authority not in compliance with this Act. Requires the Committees on Appropriations and the Committees on the Budget of both Houses of Congress to identify each program's functional and subfunctional category (as so characterized in the Budget of the United States, Fiscal Year 1977, transmitted to Congress by the President on January 21, 1976), the committees having legislative jurisdiction over such program, and whether such program operates under permanent authorizations and budget authority. Makes the budget termination provisions of this Act effective on the first day of the Ninety-fifth Congress. Title II: Early Elimination of Inactive and Duplicate Programs - Requires the Comptroller General of the United States to identify for Congress any programs which have duplicate objectives or for which no outlays have been made for the last two fiscal years. Directs the standing committees of both Houses to consider such programs and report recommendations on such programs before March 15, 1978, if possible. Title III: Quadrennial Program Review and Evaluation - Sets forth a timetable for reviewing the budget of a Government program. Requires review by standing committees of the Congress every four years of each program's cost, effectiveness, and the extent to which such program duplicates or is similar to any other program. States that such review shall include a comprehensive evaluation of the merits of such program to determine if it warrants continuation. Requires justification of any recommendation to fund any program which has objectives similar to or the same as another program's objectives. Directs the Comptroller General and the Congressional Budget Office to provide Congress with information and analysis of programs being reviewed under this Act. Requires the President to similarly review the merits of continuing programs contained in the annual Budget and to report the finding of such review prior to transmitting the Budget to Congress. Title IV: Continuing Review and Evaluation - Directs the Comptroller General to report to Congress the result of any audit which shows a substantial deficiency in achievement of the objectives of any Government program. Requires subsequent audits, a report of which must be submitted to Congress, to determine if such deficiency has been eliminated. Title V: Miscellaneous - States that those provisions of this Act which direct the operation of either House are enacted as an exercise of the rulemaking power of such House and recognizes the right of either House to change such rules.
United States · United States Congress · 19 May 1976
Consumer Communications Reform Act - States that Congress finds that the revenues from integrated interstate and foreign common carrier telecommunications services helped maintain a level of charges for telephone exchange service which is lower than otherwise would be required. Expresses the sense of Congress that the authorization of lines, facilities, or services of specialized carriers which duplicate the lines, facilities, or services of other telecommunications common carriers is contrary to the public interest. Reaffirms the intent of Congress that the complete authority to regulate terminal and station equipment used for telephone exchange service shall rest with the States even though such terminal and station equipment also may be used in connection with interstate services. Amends the Communications Act of 1934 to provide that no compensatory charges for or in connection with such communication service may be found to be unjust or unreasonable on the ground that it is too low. Prohibits the Federal Communications Commission from holding the charge of a carrier up to a particular level to protect the traffic or revenues from a communication service offered or provided by another carrier if such charge proposed by the carrier is compensatory. Provides that the Commission shall not grant or authorize any construction permit, station, license, or certificate for the construction, acquisition, or operation of any communication or transmission line or facility, or extension thereof, or any modification or renewal thereof, unless the Commission shall find, after full opportunity for evidentiary hearing on the record, that such permit, license, or certificate, will not result in increased charges or unnecessary duplication of communication lines.
United States · United States Congress · 18 May 1976
International Banking Act - Allows a foreign bank to establish and operate a Federal branch or agency in any State in which it is not prohibited for a foreign bank to establish a branch, upon receipt or certification of authority from the Comptroller of the Currency. Allows the Comptroller to waive the requirement of citizenship in the case of not more than a minority of the total number of directors of a national bank. Requires the Comptroller, in issuing certificates of authority, to consider the effect of the branch on the domestic or foreign commerce, future prospects of the bank, and the needs of the community. Allows a foreign bank to convert any branch operated pursuant to State law into a federally-certified branch to be operated under this Act, with the approval of the Comptroller. Terminates the authority to operate a Federal branch when: (1) the parent bank voluntarily relinquished it; (2) the parent bank is dissolved; or (3) the Comptroller has reasonable cause to believe that a foreign bank has not complied with the provisions of this Act and revokes the authority to operate a Federal branch. Sets forth the assets which foreign banks are required to keep on deposit before the Federal branch may accept deposits of United States residents or businesses. Prohibits foreign banks from retaining interests in non-banking companies or from participating in non-banking activities with specified exceptions. Requires the Secretary of the Treasury to issue guidelines with respect to the banking operations of foreign banking organizations in banking in the United States. Requires each foreign bank that maintains an office other than a branch or agency in a State to register with the Secretary of the Treasury.
United States · United States Congress · 6 May 1976
Amends the Tariff Schedules of the United States to repeal the duty imposed on (1) articles assembled abroad with components produced in the United States, and (2) specified metal articles manufactured in the United States and exported for further processing.
United States · United States Congress · 8 April 1976
Authorizes under the Federal Civil Defense Act of 1950 the use of Federal civil defense funds by local civil defense agencies for natural disaster relief. Increases the Federal contribution for travel expenses and per diem allowances for students in civil defense training programs and increases the Federal financial contribution to States for civil defense personnel and administrative expenses. Increases the authorization for appropriations under such Act for travel expenses, for personal equipment for State and local workers,and for personnel and administrative expenses.
United States · United States Congress · 7 April 1976
Authorizes the Administrator of Veterans' Affairs to assist any veteran, who has a permanent and total service-connected disability due to the loss, or loss of use, of one arm and one leg, including but not limited to cases of hemiparaplegia, such as to preclude locomotion without the aid of braces, crutches, canes, or a wheelchair, in acquiring a suitable housing unit with special fixtures or moveable facilities made necessary by the nature of the veteran's disability, and necessary land therefor. (Amends 38 U.S.C. 801)
United States · United States Congress · 1 April 1976
Increases by $2,500,000,000, the amount authorized to be appropriated for long-term direct loans to nonprofit sponsors for construction of housing for the elderly and the handicapped.
United States · United States Congress · 31 March 1976
Provides that small farm extension and research and development programs under the Rural Development Act of 1972 shall consist of: (1) a comprehensive study and survey with procedures for updating such survey to identify small farmers and determine their resources, abilities, education, experience and willingness to upgrade their farm operations through improved agricultural production techniques, farm machinery, products and cooperative agricultural marketing practices; (2) the development and implementation of a program for improving the operations of such farmers; (3) procedures to evaluate the social and economic consequences of such program; (4) research and development for updating small farm operations; and (5) an annual report by the Secretary of Agriculture to specified Congressional committees regarding the extent and effectiveness of the objectives of such program. Defines "small farmer" as anyone who depends on farming as their primary source of income, and whose gross annual sales from farming operations is less than $20,000 and whose nonfarm income is less than $5,000.
United States · United States Congress · 29 March 1976
Appropriates $90,000 for fiscal year 1977 to the Secretary of the Army for the removal of silt and aquatic growth from the Broadway Lake in South Carolina.
United States · United States Congress · 18 March 1976
Title I: Amends the Land and Water Conservation Fund Act of 1965 to increase the amount of appropriations authorized under such Act to $300,000,000 for fiscal year 1977, $450,000,000 for fiscal year 1978, $625,000,000 for fiscal year 1979, and $800,000,000 for each fiscal year thereafter through fiscal year 1989. Revises procedures for the apportionment of land and water conservation fund moneys to States by the Secretary of the Interior. Imposes public participation requirements with respect to the preparation of comprehensive statewide outdoor recreation plans. Authorizes Federal financial assistance for the planning and development of sheltered facilities for swimming pools and ice skating rinks, provided specified conditions are met. Title II: Amends the National Historic Preservation Act of 1966 to establish a historic preservation fund in the United States Treasury. Stipulates that $24,400,000 for fiscal year 1977, $75,000,000 annually for fiscal years 1978 and 1979 and $100,000,000 annually for each fiscal year thereafter until fiscal year 1989 be covered into the fund from revenues due and payable to the United States under the Outer Continental Shelf Lands Act and other Federal Mining laws. Stipulates that such moneys shall remain available until appropriated to carry out the purposes of the National Historic Preservation Act of 1966. Authorizes the appropriation of $175,000 per year for fiscal years 1977,1978, and 1979 for the International Center for the Preservation and Restoration of Cultural Property.
United States · United States Congress · 11 March 1976
Designates the week beginning April 4, 1976, as "National Drafting Week." Authorizes and requests the President to issue a proclamation calling upon the people of the United States to observe such week with appropriate ceremonies and activities.
United States · United States Congress · 3 March 1976
Expresses the sense of Congress that the U.S. Postal Service should not close or otherwise suspend the operation of any post office during the six-month period beginning on the date of adoption of this resolution.
United States · United States Congress · 25 February 1976
Authorizes the Secretary of the Interior to designate all or any portion of specified lands in South Carolina for establishment as the Congaree Swamp National Preserve. Authorizes the acquisition of any lands so designated or interests therein. Empowers the Secretary to enter into cooperative agreements with an appropriate agency of the State of South Carolina pursuant to which such agency may develop, operate, and maintain the perserve. Authorizes the Secretary to delay in whole or in part the costs of such development, operation, and maintenance. Permits hunting, fishing, and trapping within the preserve in accordance with Federal and State law, except in such zones and during such periods as the Secretary may designate. Directs the Secretary to make annual payments to Richland County, South Carolina, in order to provide relief from the loss of tax revenues resulting from the removal of private lands acquired for the preserve from the tax rolls. Authorizes the appropriation of such sums as are necessary to carry out the purposes of this Act.
United States · United States Congress · 5 February 1976
Regulatory Reform Act - States Congress' finding that Government economic regulation has become a burden to American business, consumers, and the economy. Requires the President to submit at least once a year for five years a plan to eliminate regulation which has led to inflationary consumer prices or a reduction of competition. Directs that each plan establish more efficient organizational and administrative forms for the regulation of commerce and include provisions necessary to modify or abolish existing agencies and functions so as to eliminate overlapping regulatory jurisdictions and anti-competitive regulations. Requires that such reformation plan be directed toward regulation in the areas of: (1) banking and finance; (2) energy and environment; (3) commerce, and transportation; (4) food, health, safety, and trade practices; and (5) labor, housing, and small business. Defines terms used in this Act. Provides for Congressional review of such plan. Provides that if Congress fails to pass any regulatory reform legislation by a specified date after the President submits his plan to the Congress, such plan shall become effective as of a specified date and all rules of any agency described in such plan shall be of no force or effect.
United States · United States Congress · 17 December 1975
Authorizes the Secretary of the Interior to establish the Old Ninety Six and Star Fort National Historical Park in the State of South Carolina. Authorizes appropriations of sums necessary to carry out this purpose.
United States · United States Congress · 2 December 1975
Provides for the allocation of a minimum of two hundred appointments to Reserve Officers' Training Corps scholarships to students enrolled in each of the following institutions: the Citadel, Charleston, South Carolina, Virginia Military Institute, Lexington, Virginia, and North Georgia College, Dahlonega, Georgia. Provides for such an allocation to any other accredited educational institution meeting requirements specified in this Act. (Amends 10 U.S.C. 2107)
United States · United States Congress · 2 December 1975
Authorizes and requests the President to issue a proclamation designating the seven calendar days commencing on April 30 of each year as "National Beta Sigma Phi Week."
United States · United States Congress · 20 November 1975
Requires that appointments to the service academies be based upon competitive examinations presently appointments are by nominations by members of Congress). Requires the Boards of Visitors of the academies to examine the admission policies and procedures of the respective academies. Restricts the appointment of members of the Navy and Marine Corps, Army, and Air Force reserves by the respective secretaries of those Services to such appointments as are necessary to fill vacancies in the newly formed classes at the academies.
United States · United States Congress · 20 November 1975
Designates the week beginning April 4, 1976, as "National Rural Health Week." Urges that efforts in disseminating health information be intensified. Calls for improved health services for rural America.
United States · United States Congress · 14 November 1975
Provides that no debt owned to the United States by any foreign country may be settled in an amount less than full value of such debt unless the Congress by concurrent resolution approves of such settlement.
United States · United States Congress · 11 November 1975
Renegotiation Act Amendments - Revises the procedures under the Renegotiation Act for the determination of excessive profits by national defense contractors. Sets terms of office for members of the Renegotiation Board at five years except for those members appointed to fill a vacancy occurring prior to the expiration of a term. Sets the method and form of commencing renegotiation proceedings under this Act. Eliminates specified exemptions for products and equipment of oil and gas wells which the Board may presently make to some or all of the provisions of the Renegotiation Act. Provides for the payment of interest on amounts of excessive profits at a rate to be specified by the Secretary of the Treasury. Authorizes the appropriation of such sums as are necessary to carry out this Act.
United States · United States Congress · 4 November 1975
Increases the amount of money paid to States and counties for forest services and watershed protection from 25 percent of the cost of State programs to 75 percent.
United States · United States Congress · 31 October 1975
Title I: Emergency Natural Gas Authority - Natural Gas Emergency Standby Act - Declares the finding of the Congress that the Nation will suffer severe shortages of natural gas during the heating season from November 1975 through March 1976. Grants the Federal Power Commission authority to allow natural gas companies which transport natural gas in interstate commerce with inadequate quantities of natural gas to meet the requirements of their high priority consumers of natural gas, to purchase natural gas from sources not in interstate commerce and from other such companies on an emergency basis free from specified requirements of the Natural Gas Act. Grants the Federal Energy Administration the authority to prohibit the use of natural gas as boiler fuel. Grants the President the standby authority to allocate propane gas during periods of actual or threatened severe shortages of natural gas. Authorizes civil penalties of not more than $2,500 for each violation or violations of orders or regulations issued by the President under such standby authority. Provides that this title shall expire on midnight April 4, 1976. Title II: Natural Gas Act Amendments - Provides for the termination of the regulation by the Federal Power Commission of the sale of new natural gas to natural gas companies for resale in interstate commerce pursuant to the Natural Gas Act. Directs the Commission to conduct studies of the production, gathering, shortage, distribution, and sale of natural, artificial, or synthetic gas throughout the United States and its possessions. Requires the Commission to secure and keep information regarding the ownership, management, and control of all facilities for production and distribution of such gas. Requires a report by the Commission to the President and the Congress. Directs the Commission to establish a national ceiling for rates and charges for the sale or transfer in interstate commerce by any person of new natural gas produced from offshore Federal lands on or after January 1, 1975, through December 31, 1980.
United States · United States Congress · 23 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 · 22 October 1975
Real Estate Settlement Procedures Act Amendments. Repeals, under the Real Estate Settlement Procedures Act, the requirements for advance disclosure of specific settlement costs and the disclusure of the house's previous selling price. Alters, under such Act, the definition of "federally related mortgage loan" to exclude construction loans and second trusts. Excludes any agency or instrumentality of a State from the definition of "creditor. Provides the Secretary of the Department of Housing and Urban Development with authority to modify the uniform settlement statement required under the Real Estate Settlement Procedures Act to adopt such statment to area differences in local laws and customs. Modifies the information booklet designed by HUD to include general estimates of the settlement costs likely to be borne by the borrower. Requires lenders to give out the booklet and estimates only upon a written application for a mortgage loan.
United States · United States Congress · 21 October 1975
Suspends the provisions of the Real Estate Settlement Procedures Act which require a uniform settlement statement for real estate settlement costs, advance estate settlement costs, advance disclosure of settlement costs, and disclosure of the previous selling price of existing real property for eighteen months.
United States · United States Congress · 3 October 1975
Requires the United State Postal Service to provide rent-free postal lock boxes for persons who reside in rural areas who do not receive postal delivery service.
United States · United States Congress · 30 September 1975
Makes the stealing or breaking into any pharmacy with the intent to steal a controlled substance a Federal offense punishable by a $5,000 fine and/or imprisonment for not more than 20 years. States that persons who attempt to rob narcotics from a pharmacy by armed robbery shall be punished by imprisonment for not less than 2 years or more than 25 years and/or may be fined up to $10,000. Provides that killing a person in the attempt to rob a pharmacy of narcotics may result in life imprisonment.
United States · United States Congress · 17 September 1975
Grants the Federal Power Commission emergency authority to exempt temporarily any activities or operations relating to the sale, transportation, transfer, or exchange in interstate commerce of natural gas or of commingled natural gas and synthetic natural gas, from the provisions of the Natural Gas Act, in order to alleviate the hardships caused by the natural gas shortage. Stipulates that no such exemption shall exceed 180 days. Directs that the Commission shall not deny the purchase price paid by an interstate natural gas pipeline company for gas exempted under this Act.
United States · United States Congress · 11 September 1975
Authorizes the Secretary of the Interior to designate for preservation a specified site in South Carolina as the Old Ninety-six Star Fort National Battlefield. Provides for the acquisition of land and interests in lands to carry out the purposes of this Act. Provides for the administration of such site as a part of the national park system.
United States · United States Congress · 10 September 1975
Renegotiation Act Amendments - Revises the procedures under the Renegotiation Act of 1951 for the determination of excessive profits by national defense contractors. Sets terms of office for members of the Renegotiation Board at five years except for those members appointed to fill a vacancy occurring prior to the expiration of a term. Sets the method and form of commencing renegotiation proceedings under this Act. Eliminates specified exemptions for products and equipment of oil and gas wells which the Board may presently make to some or all of the provisions of the Renegotiation Act of 1951. Provides for the payment of interest on amounts of excessive profits at a rate to be specified by the Secretary of the Treasury. Authorizes the appropriation of such sums as are necessary to carry out this Act.
United States · United States Congress · 3 September 1975
Authorizes increased sentences for habitual violent offenders, to include imprisonment for life, under the Federal criminal laws. (Amends 18 U.S.C. 3575)
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 · 25 July 1975
Provides that the Commodity Credit Corporation shall be the seller or marketing agent for all export sales of specified raw agricultural commodities. Authorizes the Corporation to acquire commodities on the domestic market to meet the objectives of this Act. Allows the Corporation to act upon the request of a producer or any other person as an exclusive marketing agent. States that the owner of the commodity may stipulate the minimum price below which the commodity can not be sold. Requires that a record of all terms and conditions of each export scale be made available for public inspection.
United States · United States Congress · 11 July 1975
Disapproves the loan of three landing craft (LCM-8's) to Panama, as proposed by the letter from the Department of the Navy of May 5, 1975, to the Committee on Armed Services of the House of Representatives.
United States · United States Congress · 20 June 1975
Emergency Housing Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Government National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of 7 1/2 percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase specified mortgages of multifamily residences not purchasable under present law. Title II: Emergency Mortgage Relief - Emergency Homeowners' Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at last three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund on the books of the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within 60 days after enactment and at 60-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 5 June 1975
Requires under the Social Security Act the continued application of the 8 1/2 percent nursing salary cost differential which is presently allowed in determining the reasonable cost of inpatient nursing care for purposes of reimbursement to providers under the medicare program.
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.
![Official portrait of Rep. Derrick, Butler C. [D-SC-3]](https://www.congress.gov/img/member/d000267_200.jpg)