United States · United States Congress · 10 October 1974
Home Purchase Assistance Act - Requires that whenever the Secretary of Housing and Urban Development determines that a substantial number of families are unable to obtain mortgage credit at reasonable rates due to high interest rates or reduced availability of mortgage credit and that the inability to obtain such credit is causing or threatening to cause a significant reduction in the volume of home construction or acquisition and thereby adversely to affect the economy and to delay the orderly achievement of the national housing goals contained in title XVI of the Housing and Urban Development Act of 1968, the Secretary shall direct the Government National Mortgage Association to begin making commitments to purchase and to purchase mortgages in accordance with the provisions of this Act. Establishes within the Association a Housing Trust Fund which shall be used to carry out such purposes. Provides that mortgages may be purchased under this Act only if: (1) such mortgage was executed to finance the acquisition of the principal residence of the mortgagor; and (2) such mortgage involves the acquisition or construction of a residential dwelling at a cost which does not exceed $30,000 (or such greater amount, but not to exceed $45,000 as may be necessary to meet the need for mortgage credit in high cost areas). States that the Association shall not permit the aggregate outstanding amount of mortgages held by the fund under this section to increase by more than $10,000,000,000 in any single fiscal year. Requires that 50 percent of the aggregate principal amount of home mortgages purchased under this Act in any fiscal year shall involve residences upon which construction has been completed within twelve months preceding the date of purchase.
United States · United States Congress · 2 October 1974
Allows an income tax exclusion under the Internal Revenue Code for interest on deposits in banks, savings institutions, and credit unions. Limits such tax exclusion to $500 ($1000 if a joint return is filed).
United States · United States Congress · 30 September 1974
New Homestead Act - Provides that in the case of any farm purchase loan to any person who is (1) a nonowner-operator of a farm or (2) an owner-operator of a farm who is not reliant on such farm for his principal source of income, the Secretary of Agriculture may make or insure any such loan up to $100,000 or 90 percent of the value of the farm being purchased, whichever is greater. States that the repayment of any farm purchase loan by any person who was at the time of such loan a nonowner-operator of a farm or an owner-operator of a farm, but not reliant on such farm for his principal source of income, shall, upon the request of such person at the time the loan is made or insured, be made as follows: (1) during the first twelve-month period beginning on the first day of the first month after the loan is made and during each of the next fourteen twelve-month periods, one-eightieth of the total amount to be financed including interest; and (2) (A) during each of the next twenty-five twelve-month periods, one twenty-fifth of an amount equal to the total amount to be financed including interest minus the amount paid pursuant to paragraph (1); or (B) at the close of the fifteenth twelve-month period, the balance of the principal plus an amount of interest which would have been due and payable during the first fifteen twelve-month periods had the forty-year loan been paid in four hundred and eighty equal installments; except that the balance of the loan shall become due and payable if such farm or any interest therin is transferred without the approval of the Secretary to any person ineligible for a loan. Authorizes appropriations of such sums as may be necessary to carry out the purposes of this Act.
United States · United States Congress · 25 September 1974
Federal Paperwork Burden Relief Act - Directs the Comptroller General to conduct a study of the reporting requirements of Federal regulatory programs to determine the extent to which these requirements may be revised to lessen the burden upon small and independent business establishments. Requires the Comptroller General to report the results of such study to the Congress one year from the date of enactment of this Act.
United States · United States Congress · 25 September 1974
Small Business Tax Simplification and Reform Act - Title I: Tax Simplification Relating to Small Business - Creates a Committee on Tax Simplification for Small Business for the purpose of devoting continued attention to the simplification of the Internal Revenue Code to small business, and the regulations, instructions, procedures, and other publications relating to small business taxation. Provides that the membership of the Committee would include representatives of the Secretary of the Treasury (for policy matters); Internal Revenue Service (for technical matters); Office of Management and Budget (for coordinating the paperwork aspects of IRS forms, in view of the Federal Reports Act) and the Small Business Administration to express the interests of the small business community. Creates in the Treasury Department an Office of Small Business Analyst, which would be responsible for looking at tax problems primarily from the view of small business and the free enterprise system. Calls upon the Treasury Department for a comprehensive study of depreciation policies with particular attention to: the impact of legislation; the rapid advances in technology to which small business must adapt; and the practices of other industrialized nations. Calls upon the Treasury to study the entire range of pension, retirement, health, medical, and insurance benefits in the larger context of what both corporations (including large corporate enterprise) and other forms of business are providing for their employees and executives. Authorizes a special study of the differential effect of tax law changes on businesses of different sizes. Title II: Adjustment of Corporate Normal Tax - Effects a progressive reform in the entire corporate tax structure by providing for reductions in normal corporate tax rates based on the corporations earning. Provides that as corporate earnings rise above $1 million per year the normal tax would incline upward to a maximum of 24 percent for corporations earning over $1 billion annually. Title III: Special Provisions to Encourage Establishment of New Small Business Enterprises - Permits eligible new small business corporatians an income tax deduction equal to the corporation's net operating income so long as that amount does not exceed $2083. Allows an income tax deduction to a partnership for its oragnizational expenses ratably over a period of 60 months. Provides for a bad debt tax deduction for guarantors of obligations of and lenders to small business corporations. Title IV: Provisions to Assist Small Business Growth - Increases the additional first-year depreciation limitation for small business property from $10,000 to $20,000. Extends the period for use of the loss carryover provisions for small businesses by allowing existing corporations to carry these losses over a ten year period. Raises the earning credit in accordance with the costs of doing business to $150,000. Allows the expenses of certain types of small business stock flotations, such as those under Regulation A and section 1244 of the Code, which are not otherwise deductible, to be amortized over a period of 60 months. Allows research and development expenses of small business to be amortized beginning at the time they are made. Permits a limited number of surtax exemptions (up to 5) in the event members of a family are placed in proprietary positions where they have ownership of at least 50 percent of the stock (or other interest) and full time management of a separately incorporated unit of a family business. Title V: Provisions Relating to Partnerships - Allows the closing of the partnership year for a decedent at any of the following times: (1) the normal close of the partnership year if there has been no prior sale, exchange, or liquidation of the partnership interest; (2) the date of any of the above described transactions; or (3) the day after the partner's death. Permits a partner to deduct currently his share of partnership losses in excess of the adjusted basis of his partnership interests, in the event that the partner is unconditionally obligated for his share of such partnership losses. Title VI: Provisions Relating to Subchapter S Corporations - Allows enlargment of the Subchapter S "tax-option" small business corporations in the following 3 ways: (1) initial shareholders could number 15, rather than the present 10; (2) shareholders in excess of this ceiling who take their stock by reason of heirship would not disqualify election; and (3) after 5 years, the number of permissible shareholders would increase to 25. Provides that the classes of shareholders would be expanded to include: (1) trusts where stock passes pursuant to a will, and where the trust is used merely to convey the stock to a long term eligible holder within 60 days; (2) trusts where the entire income is taxable to the grantor; and (3) small business investment companies, subject to such income. Provides for nondisqualification of a Subchapter S corporation by reason of exceeding the limit of 20 percent passive income in a single year. Provides that the election privilege could still be lost pursuant to this proposal if the limit is exceeded in any 2 of 4 consecutive years. Provides that if the corporation is able to establish that the termination was, in fact, inadvertent and gain full compliance within 90 days of notification, its Subchapter S status would be preserved for future years. Title VII: Business Development Corporations - Permits State and local development companies to extend long-term financing to non-bankable new enterprises and such companies would be permitted a bad-debt reserve deduction up to 10 percent of outstanding loans. Provides that certain types of business development corporations would be nontaxable upon the condition that the proceeds from such unusual transactions are re-invested in the area of service and no part of these proceeds insures to the benefit of any individual or private institution. Title VIII: Preservation of Small Business Independence - Allows recovery of losses in 1 or 2 quarters to the extent the newly estimated tax for the year is less than the amount already paid in. Disallows interest deductions beyond $500,000 on any loan for small business acquistion purposes. Permits valuation comparisons with any similar closely held corporation whether or not it is listed on an exchange. Changes the standard of "undue hardship" (required to qualify for 10-year estate tax installments) to "hardship." Directs the Treasury to conduct a comprehensive examination of the pressures of income taxes, capital gains tax, reorganization rules, and estate and gift taxes which are causing so many small business to sell or merge out of existence rather than continue in independent form.
United States · United States Congress · 19 September 1974
Removes the provisions of the Flood Disaster Protection Act of 1973 which make flood insurance coverage and community participation in the national flood insurance program prerequisites for approval of any financial assistance in a flood hazard area.
United States · United States Congress · 11 September 1974
Requires, under title XVI of the Social Security Act, that the value of maintenance and support furnished an indivudual or his eligible spouse by a nonprofit retirement home be excluded from income for the purpose of determining eligibility for supplemental security income benefits under such Act.
United States · United States Congress · 22 August 1974
Requires the monthly publication of a Consumer Price Index for the Elderly and provides for studies and legislative recommendations to be made with regard to utilizing such index in determining cost-of-living adjustments authorized in Federal programs for individuals who are at least sixty-two years of age.
United States · United States Congress · 22 August 1974
Expresses the sense of Congress that: (1) the designation of 1975 as International Women's Year is welcomed and full support is expressed for the goals for the Year as proclaimed by the Secretary General of the United Nations and the President of the United States; (2) cooperation in observance of the Year is urged on the part of all concerned people, official and private, men and women, to insure that constructive measures are taken to advance the rights and responsibilities of women during 1975; (3) a concerted effort should be made to insure that 1975 is a year not only of stock-taking but also a time for the launching of new programs and the forming of new attitudes toward the role of women; and (4) women in more than token numbers should be included on all United States delegations to international conferences or other meetings, and on national commissions and other bodies where positions are filled by Federal appointment.
United States · United States Congress · 13 August 1974
Exempts from the child labor provisions of the Fair labor Standards Act individuals under age sixteen employed at public sporting or recreational events for not more than forty hours per week while school is not in session, and not more than thirteen hours per week while school is in session.
United States · United States Congress · 13 August 1974
States that all returns made with respect to taxes imposed under the Internal Revenue Code are confidential and private records; but they may be opened to inspection by the following persons at such times and in such manner as the Commissioner of Internal Revenue by regulation may prescribe: (1) the taxpayer for whom the return was made or his attorney in fact; (2) officers and employees of the Internal Revenue Service, the Department of Justice for tax administration and economic stabilization purposes; (3) shareholders of record owning 1 percent or more of the outstanding stock of any corporation; (4) tax officials of the States; (5) the Committee on Ways and Means of the House of Representatives, the Finance Committee of the Senate, and the Joint Committee on Internal Revenue and Taxation; (6) the Attorney General, Assistant Attorneys General, and United States attorneys; and (7) officers and employees of executive departments and other establishments of the Federal Government upon written request of the head of such department or establishment naming the taxpayer whose return is to be inspected and provided that the inspection is necessary in the enforcement of Federal statutes. States that whenever a return is open to the inspection of any person, a certified copy thereof shall, upon request, be furnished to such person under regulations prescribed by the Commissioner of Internal Revenue who may prescribe a reasonable fee for furnishing such copy. Provides that all regulations issued by the Commissioner of Internal Revenue pursuant to this Act must have written approval of the Chief of Staff of the Joint Committee on Internal Revenue Taxation. States that this Act shall be effective upon enactment. Allows the Commissioner of Internal Revenue a period of ninety days after enactment to issue the regulations required herein.
United States · United States Congress · 13 August 1974
Expresses the sense of Congress that the President of the United States should direct the Secretary of State: (1) to bring to the immediate attention of the Government of the Soviet Union the deep and growing concern among citizens of the United States over the plight of Simas Kudirka as a United States citizen; and (2) to urge that the Soviet Government release him from imprisonment and permit him and his immediate family to emigrate freely to the country of his choice. Expresses the sense of the Congress that the President of the United States forward a copy of this concurrent resolution to the United States Representative to the United Nations for transmission to the Commission on Human Rights or the Division of Human Rights of the United Nations.
United States · United States Congress · 11 July 1974
Eastern Wilderness Areas Act - Designates specified lands in Alabama, Arkansas, Florida, Georgia, Tennessee, Kentucky, Michigan, Missouri, New Hampshire, North Carolina, South Carolina, Vermont, Virginia, West Virginia and Wisconsin for inclusion in the National Wilderness Preservation System. Provides for a study of specified additional lands in eighteen states and Puerto Rico for such inclusion. Authorizes appropriations of such sums as may be necessary to carry out the purposes of this Act.
United States · United States Congress · 27 June 1974
Requires, under the Mutual Security Act of 1954, specific accounting requirements for foreign currency expenditures in connection with congressional travel outside the United States. Requires the publication of such travel costs in the Congressional Record. (Amends 22 U.S.C. 1754(b))
United States · United States Congress · 25 June 1974
Requires, under the Mutual Security Act of 1954, specific accounting requirements for foreign currency expenditures in connection with congressional travel outside the United States. Requires the publication of such travel costs in the Congressional Record. (Amends 22 U.S.C. 1754(b))
United States · United States Congress · 25 June 1974
Prohibits the military departments from using dogs in connection with any research or other activities relating to biological or chemical warfare agents.
United States · United States Congress · 25 June 1974
Establishes a Select Committee on Aging in the House of Representatives. Authorizes the committee to conduct a full and complete investigation and study of any and all matters pertaining to problems of older people, including, but not limited to, problems of maintaining health, of assuring adequate income, of finding employment, of engaging in productive and rewarding retirement activity, of securing proper housing, and, when necessary, of assuring adequate care or assistance. Directs the Committee to report to the House from time to time the results of its investigation and study, together with such recommendations as it deems advisable.
United States · United States Congress · 21 June 1974
Emergency Livestock Credit Act - Authorizes the Secretary of Agriculture to establish a guaranteed loan program for bona fide farmers and ranchers, including operators of feedlots, who are primarily engaged in agricultural production for the purpose of breeding, raising, fattening, or marketing livestock (meaning beef cattle, dairy cattle, swine, chickens, turkeys, and the products thereof.) States that no contract guaranteeing any such loan by an approved lender shall require the Secretary to participate in more than 90 percent of any loss sustained thereon. Provides that loans guaranteed under this Act shall bear interest at a rate to be agreed upon by the lender and borrower. Sets forth conditions for such loan guarantees, including that: (1) the farmer or rancher is primarily engaged in agricultural production, and the financing to be furnished the farmer or rancher is to be used for purposes related to the breeding, raising, fattening, or marketing of livestock or livestock products; (2) the total loans guaranteed under this Act for any farmer or rancher shall not exceed $350,000; and (3) in the case of any loan to refinance the livestock operations of a farmer or rancher, the loan and refinancing are absolutely essential in order for the farmer or rancher to remain in business. Limits such loan guarantees outstanding under this Act to a maximum of $3,000,000,000 at any one time. Terminates the authority to make new guarantees under this Act one year from the date of enactment, except that the Secretary of Agriculture may extend such authority for a period not to exceed six months if he determines a need and properly notifies Congress.
United States · United States Congress · 20 June 1974
Livestock Producers and Feeders Act - Directs that, for a period of one year from the enactment of this Act, the Secretary of Agriculture shall insure loans made by a lender other than the United States, or made by the Secretary and sold to such lender, to a borrower in the United States who (1) is a citizen of the United States; (2) is or has been engaged in livestock producing and feeding operations to an extent and in a manner determined by the Secretary as necessary to assure reasonable prospects of success in livestock producing endeavors financed by loans insured under this Act; (3) is unable to obtain sufficient credit to finance his actual needs in the livestock producing business at reasonable rates and terms, as determined by the Secretary after considering prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time; (4) has, if he has received previously a loan insured under this Act, performed successfully the terms of such loan; and (5) is not an operator of a commercial feedlot. Stipulates that, subject to the approval to the county committee, the amount of any loan isured under this Act shall be determined by the lender, but in no case shall such amount exceed $250,000. Sets forth requirements pertaining to the insurance of loans and to the rate of interest payments to be made. Establishes the Livestock Feeders Insurance Fund, which shall be used by the Secretary as a revolving fund for the discharge of obligations of the Secretary under the provisions of this Act. Directs the Secretary to utilize the fund: (1) to make loans which can be insured under this Act whenever he has reasonable assurance that they can be sold without undue delay, and he may sell and insure such loans; (2) to pay amounts to which the holder of insured notes is entitled on loans accruing between the date of any payments by the borrower and the date of transmittal of any such payments to the holder; and/or (3) to pay to the holder of insured notes any defaulted installment, or upon assignment of the note to the Secretary at the Secretary's request, the entire balance due on the loan.
United States · United States Congress · 18 June 1974
Postpones the effective date of the proposed amendments to the Federal Rules of Criminal Procedure which are embraced by the order entered by the United States Supreme Court on April 22, 1974, and which were transmitted to the Congress by the Chief Justice on April 22, 1974, until August 1, 1975.
United States · United States Congress · 4 June 1974
Urges the American people to diligently continue their energy conservation measures in the postembargo period, and congratulates the American people for their energy conservation successes since the embargo was imposed.
United States · United States Congress · 30 May 1974
Livestock Producers and Feeders Act - Directs that, for a period of one year from the enactment of this Act, the Secretary of Agriculture shall insure loans made by a lender other than the United States, or made by the Secretary and sold to such lender, to a borrower in the United States who (1) is a citizen of the United States; (2) is or has been engaged in livestock producing and feeding operations to an extent and in a manner determined by the Secretary as necessary to assure reasonable prospects of success in livestock producing endeavors financed by loans insured under this Act; (3) is unable to obtain sufficient credit to finance his actual needs in the livestock producing business at reasonable rates and terms, as determined by the Secretary after considering prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time; (4) has, if he has received previously a loan insured under this Act, performed successfully the terms of such loan; and (5) is not an operator of a commercial feedlot. Stipulates that, subject to the approval to the county committee, the amount of any loan isured under this Act shall be determined by the lender, but in no case shall such amount exceed $250,000. Sets forth requirements pertaining to the insurance of loans and to the rate of interest payments to be made. Establishes the Livestock Feeders Insurance Fund, which shall be used by the Secretary as a revolving fund for the discharge of obligations of the Secretary under the provisions of this Act. Directs the Secretary to utilize the fund: (1) to make loans which can be insured under this Act whenever he has reasonable assurance that they can be sold without undue delay, and he may sell and insure such loans; (2) to pay amounts to which the holder of insured notes is entitled on loans accruing between the date of any payments by the borrower and the date of transmittal of any such payments to the holder; and/or (3) to pay to the holder of insured notes any defaulted installment, or upon assignment of the note to the Secretary at the Secretary's request, the entire balance due on the loan.
United States · United States Congress · 22 May 1974
Provides that immediately upon the adoption of this resolution the House shall resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the resolution (H. Res. 988), a resolution to reform the structure, jurisdiction, and procedures of the committees of the House of Representatives by amending rules X and XI of the Rules of the House of Representatives. Stipulates that after general debate, which shall be confined to the resolution and shall continue not to exceed three hours, to be equally divided and controlled by the chairman and ranking minority member of the Select Committee on Committees, the resolution shall be read for amendment under the five-minute rule. States that, at the conclusion of the consideration of the resolution for amendment, the Committee shall rise and report the resolution to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the resolution and amendments thereto to final passage without intervening motion except one motion to recommit.
United States · United States Congress · 16 May 1974
Expresses the sense of the House of Representatives that (1) it most strongly condemns all acts of terrorism in the Middle East; (2) the President and the Secretary of State should and are hereby urged and requested to (a) call upon all governments to condemn this inhuman act of violence against innocent victims; and (b) strongly urge the governments who harbor these groups and individuals to take appropriate action to rid their countries of those who subvert the peace through terrorism and senseless violence; and (3) the President should request the American Ambassador to the United Nations to take appropriate action before that body in order to have introduced a Security Council resolution condemning this brutal act of violence.
United States · United States Congress · 8 May 1974
Requires reports accompanying each bill or joint resolution in the House of Representatives of a public character (except revenue measures) reported by a committee to contain estimates of the costs, to both public and nonpublic sectors, of carrying out the measure reported.
United States · United States Congress · 7 May 1974
Authorizes the President to call and conduct a White House Conference on Energy. Authorizes the President to appoint a National Conference Committee consisting of not more than twenty-five members to provide overall guidance and planning for the Conference, provide such assistance as it deems desirable in the organization of local and State conference activities preceding the Conference, and to be responsible for rendering a final report (and such interim reports as may be desirable) of the results, findings, and recommendations of the Conference to the President and to the Congress not later than December 1, 1974. Authorizes necessary appropriations to carry out the provisions of this Act.
United States · United States Congress · 6 May 1974
Combined Old-Age, Survivors, and Disability Insurance - Income Tax Reporting Amendments - Title I: Amendments to Title II of the Social Security Act - Directs the Secretary of the Treasury to make available specified tax returns to the Secretary of Health, Education, and Welfare. Empowers the Secretary of HEW and the Secretary of the Treasury to enter into an agreement for the processing of information contained in such returns. Requires the Secretary of the Treasury to provide to the Secretary of HEW any documents they agree are necessary for such processing. Directs the Managing Trustee of the Trust Funds, including the Federal Hospital Insurance Trust Fund and the Federal Supplementary Medical Insurance Trust Fund, to pay into the Treasury the amounts he and the Secretary of HEW estimate will be expended from the general fund of the Treasury by the Departments of HEW and Treasury for the administration of (1) titles II, and XVIII of the Social Security Act, and (2) specified chapters and subchapters of the Internal Revenue Code. Requires the Secretary of HEW to apportion (between each trust fund and the general fund in the Treasury) the costs of administrating titles II, XVI and XVIII of the Social Security Act and its costs in carrying out specified functions of this Act. Provides that average monthly wage, quarters of coverage, and coverage credits derived from self-employment income for taxable years beginning before 1974 are to be determined on a basis of income credited to calendar quarters. Limits quarters coverage to quarters occuring before 1974 and makes additional modification to taxation of self-employed persons. Allocates, under the Social Security Act, coverage credits for earnings before 1974 based on quarters of coverage and after 1973 on the basis of earnings during the calendar year. Provides that a person will satisfy the requirements prerequisite to a determination of disability if he has 20 or more coverage credits which were credited to the period ending on the day the disability arose and consisting of that part of the current calendar year up until the day the disability began and the nine prior calendar years. Redefines a "fully insured individual" in terms of coverage credits rather than quarters of coverage. States that any person upon attaining the age of 62 with the proper number of coverage credits is fully insured. Provides that specified benefits be paid to individuals not citizens of the United States who amassed sufficient coverage credits. Title II: Amendments Preserving Relationship Between Railroad Retirement and Old-Age, Survivors, and Disability Insurance - Provides, under the Railroad Retirement Act of 1937, that in the calucalation of an employee's "average monthly remumeration" after calendar year 1974 an individual employee shall obtain the benefit of full allowable coverage credits, irrespective of whether particular quarters of coverage were otherwise available for calculation purposes.
United States · United States Congress · 25 April 1974
Directs the Secretary of the Department of Transportation to conduct a comprehensive, nationwide study of the effects of railroad abandonment, and to develop an effective policy to assure an adequate economic system for the transportation of freight with emphasis on branch line facilities in the movement of agricultural commodities. Prohibits the Interstate Commerce Commission from authorizing any further abandonments of railway freight facilities for a period of three years after enactment of this Act.
United States · United States Congress · 10 April 1974
Authorizes the Administrator of the National Aeronautics and Space Administration to conduct research and development programs to increase knowledge of tornadoes, hurricanes, large thunderstorms, and other types of short-term weather phenomena, and to develop methods for predicting, detecting, and monitoring such atmospheric behavior. Authorizes the appropriation of $10,000,000 to carry out the provisions of this Act.
United States · United States Congress · 4 April 1974
Student Loan Amendments - Increases the maximum rate of interest to be charged on a loan secured under the Emergency Insured Student Loan Act of 1969 from 3 to 4 percent. Extends to July 1, 1976, the time within which an eligible loan may be made which is insured under such Act. Requires, under the Higher Education Act of 1965, that to be eligible for interest payment to be made in behalf of a student who is receiving a loan under such Act, the student must have been enrolled as a regular student at an institution of higher education prior to April 1, 1973. Provides for reimbursement of 80 percent of the losses incurred by default of the borrower to public or private institutions operating a student loan insurance program. Authorizes the Commissioner of Education to increase the basic grant payment, the amount of such increase to be determined by and limited to, an estimation of the amount of interest which will accrue on the outstanding and anticipated loans of a student which were necessary for him to attend an institution of higher learning during previous years or which are necessary to enable such student to continue to attend such an institution during such year. Permits the compounding of interest on loans made pursuant to the Higher Education Act of 1965. Increases the loan limitations for undergraduate students to $2500 in one year and for graduate or professional students to $5000 in one year. Increases the total amount any student may borrow to $25,000. Extends the maximum allowable repayment period for federally insured loans from 10 to 15 years, this period to begin nine months after graduation. Extends the maximum allowable period of the loan from 15 to 20 years. Provides for the determination of need and the granting of a loan based on such determination to eligible students outside of the United States. Eliminates the defense of infancy with respect to written agreements executed by a student relating to federally insured student loans.
United States · United States Congress · 1 April 1974
Occupational Safety and Health Act Amendments - Excludes from the coverage of the Occupational Health and Safety Act any farmer engaged in a contract with any person for the purpose of furnishing and operating farm machinery used in connection with farm activities. Requires safety and health rules proposed by the Secretary of Labor to be accompanied by a statement summarizing the economic impact on affected employers. States that no safety or health standard adopted shall require any employer to replace existing equipment or facilities before the normal useful life of that equipment or facility has expired unless failure to do so would result in a serious violation of the Act. Requires citations for violations of the Act to stipulate with particularity a suggested course or courses of action which if implemented would correct the violating condition or process. Provides for the suspension of all further proceedings concerning a citation pending final action on an application for variance from the Act's standards. States that the posting of a citation shall not be required after the violation has been abated, or a proceeding contesting the citation has been concluded by a final order. Provides that it shall be an affirmative defense to any proceeding under that Act that: (1) the employer furnished adequate notice and exerted all reasonable efforts to obtain the compliance of his employees and the violation of the Act was attributable to such employees; (2) the employer did not receive at least 30 days prior actual notice of a standard; and (3) the standard which is the subject of the violation charged would not have effectively constituted an improvement of occupational safety and health in the circumstances under which the charge is brought. Gives the Review Commission (previously the Secretary) final authority to affirm or modify abatement requirements in a citation. Assesses a civil penalty of up to $1000 for a series of non-serious violations of standards or orders under the Act, unless the employer voluntarily complies with the applicable standards upon such terms as the Secretary determines appropriate under the circumstances. (Amends 29 U.S.C. 653-66)
United States · United States Congress · 11 March 1974
Makes it the sense of the House that: (1) all agencies of the Federal Government, which have any responsibility for establishing priorities for the allocation of materials and facilities utilized in the production or distribution of fertilizer, give the highest priority to the fertilizer industry regarding the allocation of such materials and facilities; (2) the Federal Power Commission and appropriate State regulatory agencies do everything within their power, in the establishment of priorities for the allocation of natural gas (including gas sold under interruptible contracts), to insure producers of nitrogen with supplies of natural gas sufficient to maintain maximum production levels; (3) the Federal Energy Office include all of the energy and fuel requirements of the fertilizer industry, including local dealer requirements, in its highest priority category regarding allocation of gasoline, middle-distillates, and other liquid fuels utilized by this indsutry in the production, distribution, and application of fertilizer supplies; (4) the Cost of Living Council and the Departments of Agriculture and Commerce continue their monitoring and reporting of fertilizer supply availabilities, wholesale and retail prices, and export shipments; (5) the Cost of Living Council establish an investigatory program through the field offices of the Internal Revenue Service to monitor and analyze any reports of fertilizer price gouging at either wholesale or retail levels, and any changes in manufacturer marketing operations or relationships between manufacturers and local dealers and between local dealers and their customers which may affect continued availability or pricing of fertilizer supplies to farmers; and (6) the manufacturers of phosphate acid give the highest priority to supplying such material to producers and users of feed phosphate, which is essential to livestock and poultry.
United States · United States Congress · 7 March 1974
Authorizes, under the Federal Property and Administrative Services Act of 1949, as amended, the assignment of surplus real property to executive agencies for disposal in areas of substantial, consistent, and persistent unemployment. Provides for the administration of property transfers under this Act. (Amends 40 U.S.C. 484)
United States · United States Congress · 27 February 1974
Commodity Futures Trading Commission Act - Title I: Commodity Futures Trading Commission - Establishes a Commodity Futures Trading Commission to be composed of five Commissioners consisting of the Secretary of Agriculture and four members selected from the general public, who shall be appointed by the President, by and with the advice and consent of the Senate. Authorizes to be appropriated to carry out the provisions of this Act such sums as may be required for the fiscal year ending June 30, 1975, for the fiscal year ending June 30, 1976, for the fiscal year ending June 30, 1977, and for the fiscal year ending June 30, 1978. Makes changes in the Commodity Exchange Act by striking the word "Secretary" and the words "Secretary of Agriculture" wherever such words appear therein and by inserting in lieu thereof the word "Commission"; and by striking the words "United States Department of Agriculture" wherever they appear therein and by inserting in lieu thereof the word "Commission". Provides that if, after a hearing on a complaint made by any person or upon failure of the party complained against to answer a complaint duly served within the time prescribed, or to appear at a hearing after being duly notified, the Commission determines that the respondent has violated any provision of this Act, or any rule, regulation, or order thereunder the Commission shall, unless the offender has already made reparation to the person complaining, determine the amount of damage, if any, to which such person is entitled as a result of such violation and shall make an order directing the offender to pay to such person complaining such amount on or before the date fixed in the order. Provides that unless the registrant against whom a reparation order has been issued shows to the satisfaction of the Commission within five days from the expiration of the period allowed for compliance with such order that he has either taken an appeal as herein authorized or has made payment in full as required by such order, he shall be prohibited from trading on all contract markets and his registration shall be suspended automatically at the expiration of such five-day period until he shows to the satisfaction of the Commission that he has paid the amount therein specified with interest thereon to date of payment. Title II: Regulation of Trading and Exchange Activities - Deletes onions from the definition list of commodities and includes "all services, rights, and interests in which contracts for future delivery are presently or in the future dealt in. Requires the Commission, within six months after the effective date of this Act, and subsequently when it determines that changes are required, to make a determination, after notice and opportunity for hearing, whether or not a floor broker may trade for his own account or any account in which such broker has trading discretion (and also execute a customer's order for future delivery) and whether or not a futures commission merchant may trade for its own account or any proprietary account, and, if the Commission determines that such trades and executions shall be permitted, the Commission shall, after notice and opportunity for hearing, further determine the terms, conditions, and circumstances under which such trades shall be conducted. Declares it unlawful for any person to be associated with any futures commission merchant or with any agent of a futures commission merchant as a partner, officer, or employee in any capacity which involves the solicitation or acceptance of customer's orders or the supervision of any person or persons so engaged unless such person shall have registered, under this Act with the Commission. Declares it unlawful for any commodity trading adviser or commodity pool operator, unless registered under this Act, to make use of the mails or any means or instrumentality of interstate commerce in connection with his business as such commodity trading adviser or commodity pool operator. Requires every commodity trading adviser and commodity pool operator registered under this Act to maintain books and records and file such reports in such form and manner as may be prescribed by the Commission. Requires every commodity pool operator to regularly furnish statements of account to each participant in his operations. Declares it unlawful for any commodity trading advisor or community pool operator registered under this Act, by use of the mails or any means or instrumentality of interstate commerce, directly or indirectly to employ any device, scheme, or artifice to defraud any client or participant or perspective client or participant. Allows the Commission to specify by rules and regulations appropriate standards with respect to training, experience, and such other qualifications as the Commission finds necessary or desirable to insure the fitness of futures commission merchants, floor brokers, and those persons associated with futures commission merchants or floor brokers. Requires each contract market to submit to the Commission for its approval bylaws, rules, regulations, and resolutions made or issued by such contract market. States that whenever it shall appear to the Commission that any contract market or other person has engaged, is engaging, or is about to engage in any act or practice constituting a violation of any provision of this Act or any rule, regulation, or order thereunder, or is in a position to effectuate a 'squeeze' or corner or otherwise restrain trading in any commodity for future delivery, the Commission may notify the Attorney General, and the Attorney General may bring an action in the proper district court of the United States to enjoin such act or practice. Establishes a $100,000 civil penalty for violations of this Act. Authorizes the Commission to direct the Commission to direct the contract market, whenever it has reason to believe that a market factor creates a condition which threatens orderly trading in, or liquidation of, any futures contract, to take such action as in the Commission's judgment is necessary to maintain or restore orderly trading in, or liquidation of, any futures contract. Title III: Enabling Authority for Creation of National Futures Associations - Allows any association of persons to be registered with the Commission as a registered futures association by filing with the Commission for review and approval a registration statement in such form as the Commission may prescribe. Requires the rules of such an association to provide that no person shall be admitted to or continued in membership in such an association if such person has been and is suspended or expelled from a registered futures association or from a contract market. Requires the rules of such an association to be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, in general, to protect the public interest, and to remove impediments to and perfect the mechanism of free and open futures trading. Allows the Commission, after notice and opportunity for hearing to suspend the registration of any futures association if it finds that the rules thereof do not conform to the requirements of the Commission. Authorizes the Commission to suspend for a period not exceeding twelve months or to expel from a registered futures association any member thereof, or to suspend for a period not exceeding twelve months or to bar any person from being associated with a member if such member or person has violated any provision of this title. Title IV: Miscellaneous Provisions - Declares it a felony punishable by a fine of not more than $10,000 or imprisonment for not more than five years, or both, together with the costs of prosecution, for any Commissioner of the Commission or any employee or agent thereof, to participate, directly or indirectly, in any transaction in commodity futures; any privilege, indemnity, bid, offer, put, call, advance, guaranty, or decline guaranty; or for any such person to participate, directly or indirectly, in any transaction in an actual commodity. Declares it a felony punishable by a fine of not more than $10,000 or imprisonment for not more than five years, or both, together with the costs of prosecution, for any Commissioner of the Commission or any employee or agent thereof who, by virtue of his employment or position, acquires information which may affect or tend to affect the price of any commodity futures or commodity and which information has not been made public to impart such information with intent to assist another person, directly or indirectly, to participate in any transaction in commodity futures, any transaction in an actual commodity.
United States · United States Congress · 27 February 1974
Expresses the sense of the House of Representatives that accurate and complete data on imports of oil and oil products into the United States, oil and oil products inventories in the United States or under the control of companies owned by United States citizens, and distribution of oil and oil products within and from out of the United States are essential to the national security of the United States, the safety of its citizens, and the proper conduct of its domestic and international commerce. Authorizes the House Committee on Interstate and Foreign Commerce to conduct a full and complete investigation and study of the importing, inventorying, and disposition of crude oil, residual fuel oil, and refined petroleum products.
United States · United States Congress · 21 February 1974
Provides, under the provisions of the Emergency Petroleum Allocation Act of 1973, for a roll back of the wholesale and retail prices of propane gas. Requires that the President shall, in the administration of the pricing authority under the Emergency Petroleum Allocation Act of 1973, provide for the equitable allocation of costs among different petroleum products covered by such Act.
United States · United States Congress · 21 February 1974
Provides that, immediately upon the adoption of this resolution, the resolution (H. Res. 826) to disapprove the recommendations of the President with respect to the rates of pay of Federal officials transmitted to the Congress in the budget for the fiscal year ending June 30, 1975, hereby is taken from the Committee on Post Office and Civil Service, and the same is hereby agreed to.
United States · United States Congress · 20 February 1974
Provides that recipients of veterans' pension and compensation shall not have the amount of such pension or compensation reduced because of increases in monthly social security benefits which resulted from the enactment of Public Law 92-336, 93-66, and 93-233 or any subsequent cost of living increase under title II of the Social Security Act. Provides that the provisions of this Act shall apply to annual income determinations for calendar years after 1971.
United States · United States Congress · 20 February 1974
States that the House of Representatives disapproves the recommendations of the President with respect to the rates of pay of Federal officials transmitted to the Congress in the budget for the fiscal year ending June 30, 1975.
United States · United States Congress · 14 February 1974
Provides, under the provisions of the Emergency Petroleum Allocation Act of 1973, for a roll back of the wholesale and retail prices of propane gas. Requires that the President shall, in the administration of the pricing authority under the Emergency Petroleum Allocation Act of 1973, provide for the equitable allocation of costs among different petroleum products covered by such Act.
United States · United States Congress · 13 February 1974
Provides, under the provisions of the Emergency Petroleum Allocation Act of 1973, for a roll back of the wholesale and retail prices of propane gas. Requires that the President shall, in the administration of the pricing authority under the Emergency Petroleum Allocation Act of 1973, provide for the equitable allocation of costs among different petroleum products covered by such Act.
United States · United States Congress · 5 February 1974
States that the House of Representatives disapproves the recommendations of the President with respect to the rates of pay of Federal officials transmitted to the Congress in the budget for the fiscal year ending June 30, 1975.
United States · United States Congress · 5 February 1974
States that the House of Representatives disapproves the recommendations of the President with respect to the rates of pay of Federal officials transmitted to the Congress in the budget for the fiscal year ending June 30, 1975.
United States · United States Congress · 31 January 1974
Expresses the sense of the Congress that the President of the United States direct the Secretary of the State to bring to the immediate attention of the Soviet Government the concern of U.S. citizens over the imprisonment of a Lithuanian seaman who unsuccessfully sought asylum aboard a United States Coast Guard ship and to urge his release from prison and return to his family.
United States · United States Congress · 23 January 1974
States that it is the purpose of this Act to provide for the immediate and future protection and administration of public lands in the California desert within the framework of a program of multiple use, sustained yield, and maintenance of environmental quality. Establishes the California Desert Advisory Commission which shall consist of Federal and State representatives, representatives of the academic community, representatives of residents of the desert, and representatives of groups which make use of the desert and its resources for recreational, study, or business purposes. States that it shall be the function of the Commission to advise the Secretary of the Interior with respect to the program for the desert under this Act. Establishes the National Conservation Area of the California Desert to carry out the purposes of the Act. Gives the Secretary of the Interior responsibility for the preparation of a long-range program for the management, development, and use of the California Desert. Provides that such program shall include a plan, to be completed and reported to Congress within seven years from the date of enactment of this Act. Requires consultation with the Advisory Commission and with State organizations concerning such plan. Provides for an interim program to manage and protect the desert resources now in danger of destruction, and to provide for the public use of the desert. Authorizes the Secretary to acquire such lands or interests therein as he deems necessary to provide access to the facilities of the desert, to facilitate efficient and beneficial management of the desert. Empowers the Secretary to issue such regulations as he deems necessary to carry out the provisions of this Act. Provides that all mining carried out within the conservation area shall be subject to such reasonable regulations as the Secretary may prescribe to carry out the purposes of this Act. States that such regulations shall provide for such measures as may be reasonable to protect the scenic, scientific, and environmental values of the California Desert against undue impairment.
![Official portrait of Rep. Mayne, Wiley [R-IA-6]](https://www.congress.gov/img/member/m000286_200.jpg)