United States · United States Congress · 28 May 1987
Consumer Lease and Lease-Purchase Agreement Act - Amends the Consumer Credit Protection Act to revise disclosure requirements, including advertisement disclosure requirements, for consumer leases and to establish separate disclosure requirements for lease-purchase agreements. Requires information disclosed pursuant to such requirements to be segregated from all other terms and information provided. Includes among revised disclosures for consumer leases: (1) the total lease cost; (2) the amount of any required security deposit; (3) statements explaining certain information about the consumer's liability based on the residual value of the property; and (4) a statement referring the consumer to the appropriate lease document for information concerning other possible costs. Requires the following information to be disclosed for lease-purchase agreements: (1) the number, individual amount, timing, and total amount of payments; (2) a statement that the consumer will not own the property until all payments are made; (3) a statement referring the consumer to the contract for an explanation of other possible costs; (4) a statement that the consumer is responsible for the fair market value of lost, stolen, damaged, or destroyed property; (5) a statement indicating whether the property is new or used; (6) a statement of the property's cash price; (7) the total of initial payments paid or required at or before consummation of the agreement or delivery of the property, whichever is later; (8) a clear summary of the terms of the consumer's option to purchase; (9) the identity of the party responsible for maintaining or servicing the property while it is being leased; (10) a brief description of insurance provided or paid for by the lessor; (11) a description of any security interest held or to be retained by the lessor; and (12) the date of the transaction and the identities of lessor and consumer. Requires each item of property displayed or offered by a lessor to have a tag or label disclosing specified information. Prohibits certain items from a lease-purchase agreement, including: (1) a confession of judgment; (2) a negotiable instrument; (3) a wage assignment; and (4) a waiver by the consumer of claims or defenses. Specifies provisions such an agreement must contain. Requires a lessor to provide the consumer a written receipt for each payment made by cash or money order. Requires that advertisements specify whether the advertised transaction is a lease or a lease-purchase agreement, except certain advertisements in the yellow pages of a telephone book. Provides that a renegotiation is a new lease or agreement requiring new disclosures. Requires no disclosures for a lease or agreement extension. Requires lessors to pay consumers' attorney fees only in unsuccessful suits to collect more than the prescribed maximum amount at the end of a lease. Prescribes civil and criminal penalties for violations and outlines defenses. Authorizes civil actions against lessor assignees only if a violation is apparent on the face of the disclosure statement.
United States · United States Congress · 20 May 1987
Expresses the sense of the Congress that the United States should review its foreign policy toward and its relationship with the Government of China in light of the continued violation of human rights in Tibet. Requires any certification to the Congress pursuant to the Arms Export Control Act with respect to the sale of arms to China to be accompanied by a presidential determination that the Government of China is acting in good faith and in a timely manner to resolve human rights issues in Tibet. Requires the Secretary of State to submit a report to the Congress on the human rights situation in Tibet. Provides financial assistance for Tibetan refugees for FY 1988 and 1989. Provides scholarships for Tibetan exiles for FY 1988 and 1989.
United States · United States Congress · 20 May 1987
Directs the Secretary of Agriculture to study and report on the effectiveness of current laws, regulations, and licensing standards for commercial breeders of dogs and puppies in protecting such animals raised for sale in retail pet stores from inhumane treatment.
United States · United States Congress · 19 May 1987
Medicare Catastrophic Protection Act of 1987 - Title I: Provisions Relating to Part A of Medicare Program - Amends part A (Hospital Insurance) of title XVIII (Medicare) of the Social Security Act to require that an inpatient hospital deductible be paid only for the first period of continuous hospitalization in a calendar year. (Currently, such deductible must be paid for each "spell of illness" requiring inpatient hospital services.) Removes durational limitations on the coverage of inpatient hospital services, except with respect to inpatient psychiatric hospital services. Eliminates the coinsurance requirement for inpatient hospital services. Sets the inpatient hospital deductible for 1987 at $520, requiring cost-of-living adjustments to such deductible for succeeding years. Establishes the monthly part A premium, required of individuals who wish to buy into the Hospital Insurance program, at the monthly actuarial value of part A services provided to beneficiaries age 65 and over. Imposes a coinsurance rate, equal to 20 percent of the average per diem cost of post-hospital extended care services, for the first seven days of an individual's receipt of such services in a calendar year. Provides coverage for post-hospital extended care services for 150 days in each calendar year. (Currently, such coverage is limited to 100 days for each "spell of illness.") Drops restrictions on the coverage of extended care services which are not post-hospital extended care services. Creates an extension period of hospice care for terminally ill beneficiaries which is to follow the two 90-day periods and the subsequent 30-day period of hospice care coverage currently provided in an individual's lifetime. Reduces the deductible imposed under part A on the first three pints of blood furnished to an individual during a calendar year to the extent such blood is replaced or a blood deductible has been imposed on the individual under part B (Supplementary Medical Insurance) of the Medicare program within such year. Provides part A coverage for home health services only when an individual is not entitled to part B benefits. Amends the Internal Revenue Code to impose an annual supplemental Medicare premium on part A Medicare beneficiaries pursuant to a table which bases the amount of such premium due on the size of a beneficiary's gross income. Requires the Secretary of Health and Human Services to make returns setting forth certain information regarding part A Medicare beneficiaries. Title II: Provisions Relating to Part B of the Medicare Program - Amends part B (Supplementary Medical Insurance) of the Medicare program to cover all of the out-of-pocket part B expenses a beneficiary incurs in excess of $1,043 in 1989, adjusting such ceiling annually thereafter to reflect cost-of-living increases. Provides for the adjustment of Medicare payments to organizations providing health care on a prepaid basis so as to reimburse them for such excess out-of-pocket costs incurred on behalf of enrollees. Covers nursing care and home health aide services as home health services if such services are needed less than seven days each week or are needed for an initial period of up to 35 consecutive days and for a subsequent period on a physician's certification of exceptional circumstances. Increases the maximum Medicare payment allowed for outpatient mental health services. Directs the Secretary to: (1) mail a notice annually to Medicare beneficiaries of the extent to which Medicare coverage is provided for health care services and Medicare and Medicaid (title XIX of the Act) coverage is provided for long-term care services; and (2) send participating physician directories to part B enrollees. Amends title XVI (Supplemental Security Income) of the Act to provide Medicaid coverage to part A Medicare beneficiaries whose income does not exceed the Federal poverty level applicable to a family of one or two individuals which includes an individual age 65 or older. Amends the Medicare program to make permanent the provisions authorizing a State to arrange for Medicare coverage of individuals covered by certain other titles of the Act. Provides for the adjustment of Medicare part B premiums to take into account the costs of additional benefits provided by this Act's catastrophic coverage. Directs the Secretary to report to the Congress within 150 days of this Act's enactment on recommended changes in the certification requirements for Medicare supplemental policies. Requires a Medicare supplemental policy to: (1) mail notice to beneficiaries before 1989 of improved Medicare benefits contained in legislation of the 100th Congress and the effect such legislation will have on such policy; and (2) submit a copy of each of its advertisements to the State Commissioner of Insurance for his or her review. Extends, through September 30, 1992, certain projects demonstrating the concept of a social health maintenance organization. Directs the Comptroller General to report to the Congress within six months of this Act's enactment on the need for, and cost of, including within the Medicare program: (1) annual preventive care visits; (2) routine eye care; (3) dental services; (4) hearing aids for those with a significant hearing loss and biannual hearing testing; (5) comprehensive long-term care services; and (6) prescription drugs and biologicals. Requires the Secretary to provide for research on issues relating to the delivery and financing of Medicare long-term care services. Authorizes appropriations for FY 1988 through 1992 for such research.
United States · United States Congress · 19 May 1987
Declares that the Congress recognizes and supports efforts to develop the National Purple Heart Museum in Enfield, Connecticut, and encourages the people of the United States to participate in the development of such museum.
United States · United States Congress · 14 May 1987
Designates the westernmost point of Guam as Point Udall in honor of Morris Udall, a Member of the House of Representatives. Directs the Secretary of the Interior to place and maintain a plaque on Federal land near such point to honor the service and accomplishments of Morris Udall. Authorizes appropriations.
United States · United States Congress · 12 May 1987
Amends the Consumer Product Safety Act with regard to the definition of the term "consumer product" to remove the exception excluding tobacco and tobacco products.
United States · United States Congress · 7 May 1987
Authorizes and directs the President to call on representatives of the broadcasting industry, in cooperation with public health organizations, to provide free air time to private and government organizations for antismoking public service announcements which educate the public about the dangers of cigarette smoking.
United States · United States Congress · 30 April 1987
Directs the head of each Federal department or agency holding records relating to sightings of U.S. military personnel in Southeast Asia since 1973 to make available to the public, within 30 days after the enactment of this Act, all such records. Provides exceptions to such disclosures for information revealing intelligence sources and methods or the names of such personnel.
United States · United States Congress · 30 April 1987
Amends the Railroad Retirement Act of 1974 to remove specified accounts related to railroad retirement funds, taxes, and revenues from inclusion in the Federal budget totals submitted by the President or the Congress, and to exempt such accounts from any general budget limitation imposed by law on Federal expenditures and net lending (budget outlays). Amends the Railroad Unemployment Insurance Act to prohibit from inclusion in the Federal budget totals submitted by the President or the Congress certain railroad unemployment insurance accounts, taxes, and funds, and to exempt them from any general statutory budget limitations imposed upon Federal expenditures and budget outlays. Amends the Railroad Retirement Act of 1974 to direct the Railroad Retirement Board (the Board) to submit an annual budget program to the Office of Management and Budget which shall include separate statements of the Board's requested appropriations. Directs the President to include such requested amounts (without revision) in the budget transmitted to the Congress. Amends the Railroad Retirement Act of 1974 and the Railroad Unemployment Insurance Act to provide that the Board's authority to determine the number of individuals it shall employ shall not be subject to review by other Federal administrative or accounting personnel. Precludes regulations promulgated by the Board from being subject to review by other Federal administrative or accounting personnel.
United States · United States Congress · 30 April 1987
Urges the President to restructure U.S. policy with respect to the countries of Indochina in order to secure the release of any American prisoners of war and an accounting of Americans missing in action. Recommends that: (1) the President assign to the Secretary of State the responsibility to develop and direct the implementation of this new policy; (2) an ambassador be appointed to represent the U.S. Government in all its relations with the governments of Indochina; and (3) all departments and agencies of the U.S. Government support the implementation of such policy.
United States · United States Congress · 28 April 1987
Rural Letter Carriers Tax Simplification Act - Provides that, for taxable years beginning after 1986, rural mail carriers are permitted to compute the amount of the income tax deduction for use of their automobiles in performance of mail services: (1) by using a standard mileage rate for all miles of such use equal to 150 percent of the basic standard rate; or (2) without applying the limitation on deductions generally applicable in cases when the business use of the automobile accounts for 50 percent, or less, of its use. Prohibits the use of 150 percent of the basic standard mileage rate in determining the allowable deduction if the taxpayer claims an investment tax credit or depreciation deduction for such automobile.
United States · United States Congress · 27 April 1987
Amends the Rules of the House of Representatives to add rule LI to limit expenditures for primary or general elections to the House to $250,000, of which not more than 30 percent may be derived from contributions by multicandidate political committees and separate segregated funds. Makes such rule effective beginning with the 101st Congress.
United States · United States Congress · 23 April 1987
National Nutrition Monitoring and Related Research Act of 1987 - Title I: Nutrition Monitoring and Related Research - Establishes a ten-year coordinated program, to be known as the National Nutrition Monitoring and Related Research Program, which will be implemented by the Secretaries of Health and Human Services and Agriculture. Establishes an Interagency Board for Nutrition Monitoring and Related Research to facilitate the implementation of such program. Authorizes the Secretaries to appoint an Administrator of Nutrition Monitoring and Related Research to coordinate such program. Sets forth the functions of the Secretaries with respect to such program, including: (1) establishing matching grants programs for specified nutritional and dietary purposes; and (2) submitting an annual report to the President for transmittal to the Congress. Requires the Secretaries to prepare and implement a comprehensive national nutrition monitoring and related research plan which shall: (1) assess and report on U.S. nutritional and dietary trends; (2) assess and report on low-income food and household expenditures; (3) sponsor and conduct research; (4) develop and update a national dietary and nutritional status data bank; (5) assist State and local agencies in developing procedures and networks for nutrition monitoring and surveillance; and (6) focus the activities of Federal agencies. Requires the plan to allocate the project functions and activities among the various Federal agencies and offices involved. Provides that the comprehensive plan shall be carried out during the period ending with the close of the ninth fiscal year following the fiscal year in which the final comprehensive plan is submitted. Requires the Secretaries to provide for and coordinate such scientific research and development as may be necessary to support the coordinated program and comprehensive plan. Authorizes appropriations. Title II: National Nutrition Monitoring Advisory Council - Establishes an 11-member Advisory Council to: (1) provide scientific and technical advice on the development and implementation of all components of the coordinated program and the comprehensive plan; (2) evaluate such program and plan; and (3) submit an annual report to the Secretaries. Title III: Dietary Guidance -Directs the Secretaries, by the start of 1990 and every five years thereafter, to publish and review dietary guidelines for the general public.
United States · United States Congress · 22 April 1987
Amends the Federal Employees' Group Life Insurance Act of 1980 to provide for the establishment of a one-year period during which certain Federal employees who retired on an immediate annuity or became entitled to receive compensation for work injury before December 9, 1980, shall be allowed to resume coverage under the Federal employees' group life insurance program, including coverage under the optional insurance programs.
United States · United States Congress · 22 April 1987
Government Patent Policy Amendments of 1987 - Amends the patent laws to extend to all contractors, assignees, and exclusive licensees under Federal funding agreements the requirement that the manufacture of products using patents arising from federally supported research be significantly performed in the United States.
United States · United States Congress · 22 April 1987
Designates the week beginning August 2, 1987, as International Special Olympics Week and designates August 3, 1987, as International Special Olympics Day.
United States · United States Congress · 9 April 1987
Farmers Home Loan Buy Back Act of 1987 - Directs the Secretary of Agriculture, in administering the sale of specified Farmers Home Administration rural development obligations as provided for under the Omnibus Budget Reconciliation Act of 1986, to give the issuers the right of first refusal. Sets forth sale price provisions.
United States · United States Congress · 9 April 1987
Stratospheric Ozone Protection Act of 1987 - Amends the Clean Air Act to direct the Administrator of the Environmental Protection Agency to promulgate regulations controlling aggregate emissions of fully halogenated alkanes from the United States, setting a schedule which ultimately requires a 95 percent reduction from 1986 levels within seven years of enactment. Sets forth an emissions calculation formula which multiplies each fully halogenated alkane by its ozone depletion weight, adjusting aggregate amounts for imports, exports, production, and destruction or encapsulation. Requires the Administrator to establish a monitoring network to detect or predict modifications in the ozone layer. Requires the Administrator to conduct a detailed scientific assessment before implementing each stage of required reductions, adjusting the control measures as necessary. Prohibits, within one year of enactment, the import of fully halogenated alkanes in bulk from any nation without sufficiently stringent control measures. Prohibits, within three years of enactment, the import of all products containing fully halogenated alkanes from any nonequivalent nation. Sets forth a schedule of trade restrictions concerning the import or export of such alkanes, the technologies used to produce them, and the products produced by them. Requires the Administrator to report to the Congress annually on aggregate emissions and compliance. Sets forth enforcement provisions, including provisions allowing citizen suits.
United States · United States Congress · 9 April 1987
Requires the President to include with the annual Federal budget submitted to the Congress another budget prepared by the Board of Governors of the Federal Reserve System showing estimated receipts and expenditures for itself and all Federal Reserve banks for the next three fiscal years.
United States · United States Congress · 9 April 1987
Amends the Rural Electrification Act of 1936 to permit Rural Electrification Administration borrowers to prepay Federal Financing Bank loans without penalties if: (1) private capital is used to replace such loans; and (2) any savings will be used to avoid future rate increases, passed on to customers, or used to improve the borrower's financial strength.
United States · United States Congress · 9 April 1987
United States Peace Tax Fund Act - Amends the Internal Revenue Code to permit conscientious objectors to designate their income, estate, or gift tax payments for nonmilitary purposes. Establishes within the Treasury a United States Peace Tax Fund (Fund) to receive such tax payments. Makes these tax designation procedures available to any individual who by reason of religious training and belief is opposed to participation in war in any form and either: (1) has been exempted from combat training and service in the armed forces under the Military Selective Service Act; or (2) satisfactorily demonstrates conscientious objection to war in any form. Authorizes the Secretary of the Treasury to deny such status to a taxpayer upon a finding that the taxpayer is not entitled to make such a designation. Allows a taxpayer to challenge such a denial by bringing an action in the United States Tax Court or in U.S. District Court for a declaratory judgment as to whether the taxpayer is an eligible individual for purposes of such designation. Requires that each publication of general instructions accompanying income tax returns include specified information about the Fund, including the purposes of the Fund and the criteria governing one's eligibility to designate tax payments for such Fund. Requires every taxpayer who makes such a designation for any taxable year to file a questionnaire return during such year for the purpose of determining whether the taxpayer is an eligible individual. Permits the setting aside of criminal or civil penalties imposed upon a taxpayer for nonpayment of tax prior to 1988 if the taxpayer pays the tax due (with interest) and establishes to the satisfaction of the Secretary of the Treasury that the nonpayment was due to religious beliefs. Directs the Comptroller General to determine the percentage of actual appropriations made by the United States from the Federal budget during the preceding year for military purposes. Requires the publication of such information in the Congressional Record. Establishes a United States Peace Tax Fund Board of Trustees to distribute funds for eligible nonmilitary activities and research. Sets forth the Board's membership structure and its duties. Directs the Board to publish regulations to govern applications for funds. Includes as activities qualified for funding: (1) research directed toward developing nonviolent solutions to international conflict; (2) disarmament efforts; (3) special projects of the United States Institute of Peace; (4) improvement of international health, education, and welfare; and (5) retraining of workers displaced by conversion from military production activities. Authorizes appropriations.
United States · United States Congress · 8 April 1987
United States Olympic Checkoff Act - Amends the Internal Revenue Code to allow taxpayers to designate on their income tax returns a contribution of one dollar of their income tax refunds and any voluntary cash contributions for use by the U.S. Olympic Committee. Establishes in the Treasury a U.S. Olympic Trust Fund. Appropriates to such trust fund amounts equal to the amounts designated on tax returns. Directs the Secretary of the Treasury to pay such amounts to the U.S. Olympic Committee at least quarterly. Allows specified administrative expenses of the Department of the Treasury to be paid from such trust fund.
United States · United States Congress · 8 April 1987
Declares that the House of Representatives: (1) calls for the immediate release of all the children detained under state of emergency regulations in South Africa; and (2) pending the release of the children, calls on South Africa to permit parental access to the children, make public their names and their location, provide them with adequate food, clothing, and protection, and permit an international organization to verify the above and make sure that such children are not abused or tortured.
United States · United States Congress · 6 April 1987
Makes permanent the income tax credit for qualified research expenditures by repealing the provisions of the Internal Revenue Code that would terminate such credit for expenses incurred or paid after 1988.
United States · United States Congress · 6 April 1987
Amends the Federal criminal code to make it unlawful for an employer to monitor an employee's work phone call unless a repeating audible warning tone is utilized. Allows any person whose call is monitored in violation of this Act to recover civil damages.
United States · United States Congress · 6 April 1987
Expresses the sense of the House of Representatives that for each nuclear power plant that does not currently possess a full-power operating license, the Nuclear Regulatory Commission should apply its regulations so that such a license may be issued only if all of the Commission's emergency planning requirements are met. Includes in such requirements: (1) submission of off-site emergency plans to the Commission by State and local governments; and (2) a finding by the Federal Emergency Management Agency, and a determination by the Commission, that such plans and emergency preparedness are deemed adequate to protect the public safety in the event of a serious reactor accident.
United States · United States Congress · 1 April 1987
Equity in Interstate Competition Act of 1987 - Empowers any State and the District of Columbia to require a person to collect a State sales tax imposed with respect to the sale of tangible personal property if: (1) the destination of sale is in such State; and (2) such person engages in regular or systematic soliciting of sales in such State and has, within a specified one-year period, gross receipts from the sale of such property that exceed either $500,000 within the State or $12,500,000 nationally. Sets forth certain requirements that will qualify certain local sales taxes for treatment as State sales taxes. Prohibits a State from requiring any person who collects a State sales tax to make an accounting for the receipts of such tax on the basis of the geographical location at which the taxable transaction occurs. Limits the authority of the State to require a taxpayer to: (1) file more than four tax returns reporting the amount of such tax collected or required to be collected in any one-year period; or (2) file a return and remit the receipts of such tax more frequently than once in a calendar quarter, or before the expiration of the 20-day period beginning on the last day of the period for which such return is required to be filed. Provides that any person required by a State to collect a State sales tax shall be subject to the laws of that State relating to such tax.
United States · United States Congress · 31 March 1987
Constitutional Amendment - Provides for the appointment by the Virgin Islands of the United States, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands of electors of the President and Vice President equal to the whole number of Senators and Representatives in Congress to which such territories would be entitled if they together were a single State, but in no event more electors than the least populous State appoints.
United States · United States Congress · 25 March 1987
Amends the Internal Revenue Code to make permanent the tax exclusion for amounts received under qualified group legal services plans. (Present law terminates such exclusion after December 31, 1987.)
United States · United States Congress · 25 March 1987
Defense Black Programs Oversight Act - Directs the Secretary of Defense to submit to the defense committees of the House of Representatives and of the Senate, at the same time each year as the President's annual budget is submitted, an unclassified report setting forth the total amount requested for special access programs of the Department of Defense (a program of the Department that is designated in such a manner as to conceal from public disclosure the existence or scope of the program). Directs the Secretary, no later than November 1 of each year, to provide to specified members of the defense committees notice of and justification for such special access programs. Outlines information to be included in such notice and provides access to such information by other members of the committees. Requires the Secretary to respond to any questions or concerns raised by any such committee member within 30 days. Directs the Secretary to notify the defense committees of any changes in the criteria used for making special access program designations no later than 30 days before such changes are to take effect. Requires the total amount requested and appropriated for the previous five fiscal years for such special access programs to be included in the first report to the committees required under this Act. Directs the Secretary, no later than 60 days after the enactment of this Act, to submit to the defense committees a report on the criteria used for designating a program of the Department of Defense as a special access program.
United States · United States Congress · 25 March 1987
National Schoolbus Safety Act of 1987 - Limits the amount of financial assistance which the Secretary of Education may provide to any State or local educational agency in a State or locality that does not impose certain requirements for inspecting school buses and equipping them with safety belts. Sets forth the initial form of such requirements as follows: (1) equipping those school buses first placed in service after the effective date of this Act with safety belts; and (2) annual safety inspection of all school buses. Limits the amount of financial assistance in cases of noncompliance to not more than: (1) 95 percent of the allocated amount for the first fiscal year beginning after the effective date of this Act; (2) 90 percent for the second such fiscal year; and (3) 85 percent for any subsequent fiscal year. Sets forth final requirements which must be effective on or before January 1, 1997, as follows: (1) equipping all school buses with safety belts; and (2) annual inspections of all school buses. Prohibits any financial assistance to any State or local educational agency in a State or locality which does not have such requirements in effect by such date. Directs the Secretary of Transportation to annually provide the Secretary of Education with information necessary to determine whether a State or local government has in effect the requirements referred to under this Act, if there is an approved highway safety program for pupil transportation safety in effect for such State or local government. Requires the State or local government to provide such information when such a program is not in effect. Makes this Act effective beginning one year after its date of enactment.
United States · United States Congress · 25 March 1987
Acknowledges the magnanimity of the Marshall plan and the efforts of the Marshall Foundation in Lexington, Virginia, to continue the values for which George C. Marshall stood, and asks all Americans to rededicate themselves to the ideals which George C. Marshall represented. Welcomes the publication on June 5, 1987, of the fourth volume of the official biography of George C. Marshall. Designates the month of June 1987 as George C. Marshall Month.
United States · United States Congress · 24 March 1987
Amends the Tariff Schedules of the United States to extend, through December 31, 1990, the suspension of duty on (6R, 7R)-7-(R)-2-Amino-2-phenylacetamido -3-methyl-8-oxo-5-thia-1-azabicyclo (4.2.0) oct-2-ene-2-carboxylic acid disolvate.
United States · United States Congress · 24 March 1987
Amends the Animal Welfare Act to permit citizen suits to compel enforcement of such Act. Authorizes the court in such suits to award litigation expenses, including attorney fees, to: (1) a prevailing plaintiff; or (2) a prevailing defendant if such action is found to be frivolous, unreasonable, or without foundation.
United States · United States Congress · 24 March 1987
Amends the Tariff Schedules of the United States to suspend, through December 31, 1990, the duty on (6R, 7R)-7-amino-3-chloro-8-oxa-5-thia-1- azabicyclo (4.2.0) oct-2-ene-2-carboxylic acid, (4-nitrophenyl) methyl ester.
United States · United States Congress · 23 March 1987
Federal Credit Reform Act of 1987 - Establishes procedures for the budgetary treatment and financing of Federal direct loan and loan guarantee programs. Defines "subsidy" as: (1) the difference between the face value of a direct loan and the estimated proceeds from the sale of the loan in the investment securities markets; and (2) the estimated net cost to the Government to reinsure a loan guarantee with a private insurer. Makes any direct loan obligation of a Federal agency an obligation of the Federal Credit Revolving Fund. Requires each agency to include in its budget proposal for a fiscal year: (1) the planned level of new direct loan obligations; and (2) the estimated subsidy associated with such obligations. Prohibits an agency from making a direct loan obligation unless: (1) funds have been appropriated for the loan subsidy; or (2) the use of funds otherwise available to the agency for the subsidy has been limited. Provides that the subsidy amount shall constitute the obligation of the agency and the difference between such amount and the face value of the loan shall constitute the obligation of the Fund. Requires the subsidy to be paid as the loan is disbursed. Requires the Secretary of the Treasury to sell direct loans to the private sector. Makes any loan guarantee commitment of a Federal agency a commitment of the Fund. Requires each agency to include in its budget proposal for a fiscal year: (1) the level of new loan guarantee commitments; and (2) the estimated subsidy associated with such commitments. Prohibits an agency from making a loan guarantee commitment unless: (1) funds have been appropriated for the guarantee subsidy; or (2) the use of funds otherwise available to the agency for the subsidy has been limited. Provides that the subsidy amount shall constitute the obligation of the agency. Requires the subsidy to be paid to the Fund when the underlying loan agreement is executed. Directs the Secretary to purchase reinsurance of loan guarantees from private insurers. Establishes the Fund within the Department of the Treasury to serve as a central revolving fund and financing mechanism for all new Federal direct loans and loan guarantees. Directs the Secretary to receive into the Fund: (1) subsidy payments from Federal agencies; (2) payments due the Government for direct loans; (3) proceeds from the sale of direct loans and from the sale of any collateral received as the result of defaults on direct or guaranteed loans; and (4) fees due the Government for loan guarantees. Sets forth the Secretary's duties in managing the Fund which include: (1) disbursing direct loans to borrowers according to agency loan agreements; (2) making claim payments for guaranteed loans in default that have not been reinsured; (3) identifying separately the credit activity of each agency; (4) requiring uniform reporting by agencies on loan performance, borrower characteristics, and debt collection efforts; and (5) estimating the subsidy amount for each direct loan and loan guarantee. Requires the head of each agency authorized to make or guarantee loans to: (1) request annual appropriations for the subsidized portions of agency loans; (2) conduct loan programs within the lower of appropriations limitations for such programs or annual appropriations available to cover subsidy costs; and (3) pay to the Fund all relevant loan collections. Provides for the budgetary treatment of direct loan and loan guarantee subsidies as agency obligations and of financing requirements of credit programs exceeding agency subsidies as Fund obligations. Authorizes the Secretary to use the proceeds of the sale of any securities issued under the Second Liberty Bond Act to: (1) finance direct loans to the extent not covered by agency subsidy payments and direct loan sales; and (2) pay claims resulting from federally-guaranteed loans, in excess of Fund reserves. Authorizes the appropriation of funds necessary to liquidate debt incurred by the Fund due to operating losses. Authorizes appropriations to agencies for subsidies associated with proposed direct loan obligations and proposed loan guarantee commitments. Includes as "deposit insurance agencies" the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the National Credit Union Administration, and the Securities and Exchange Commission. Provides that: (1) obligations of deposit insurance agencies to make direct loans to the public or to assume loan assets shall remain obligations of such agencies; and (2) commitments to guarantee loans shall remain commitments of such agencies. Requires each deposit insurance agency to include in its budget proposal the estimated subsidy costs associated with proposed direct loan obligations and loan guarantee commitments. Requires no appropriations or limitations on the use of funds otherwise available for subsidies. Makes technical and conforming amendments. Prohibits a Federal agency other than the Department of the Treasury from issuing, selling, or guaranteeing an obligation that is ordinarily financed in investment securities markets unless such obligation may be held by only the Secretary. Permits the Secretary to waive such prohibition under specified circumstances. Deems any obligations guaranteed by a Federal agency and financed by the Secretary to be a direct loan of the Fund. Provides that purchases by the Secretary of obligations issued by local public bodies and guaranteed by a Federal agency shall be upon such terms as necessary to avoid an increase in borrowing costs of such bodies. Authorizes such an agency to make payments to the Secretary to offset the Secretary's costs of purchasing such obligations.
![Official portrait of Rep. Jacobs, Andrew, Jr. [D-IN-10]](https://www.congress.gov/img/member/j000033_200.jpg)