United States · United States Congress · 21 February 1973
Provides that the Federal Savings and Loan Corporation shall not, on or after the date of enactment of this Act, accept or receive further payments in the nature of prepayments of future premiums as was formerly required by the National Housing Act (including any such payments which have accrued or are payable under such former provisions). States that when no insured institution has any pro rata share of the secondary reserve, or has any such share not immediately payable to it, the Corporation may take such steps as it may deem appropriate to close out and discontinue the secondary reserve. Eliminates the prepayment of additonal premiums and restructures the premium payment system by giving the Federal Home Loan Bank Board discretion to adjust the level of cash payments to the corporation within a range of 30 to 70 percent of the regular annual premiums with the remainder to be transferred from the secondary reserve of accumulated premium prepayments. Provides that if at any December 31 the Federal Savings and Loan Insurance Corporations reserve ratio is less than 1.25 percent, full cash payment of the regular premium would be begun and continued until the year-end ratio again reaches 1.25 percent.
United States · United States Congress · 8 February 1973
Requires the Comptroller General to make an audit for each fiscal year of the Federal Reserve Board and the Federal Reverve banks and their branches. Requires the Comptroller General to report to the Congress the results of such audit.
United States · United States Congress · 8 February 1973
Authorizes Federal assistance, under the Small Business Act, to small business concerns for financing structural, operational, or other changes to meet standards required pursuant to various Federal or State laws.
United States · United States Congress · 6 February 1973
Extends the time within which the Joint Economic Committee shall file its report on the Presidents' Economic Report with the House of Representatives and Senate to April 1, 1973 (now March 10, 1973). (Amends Pub. L. 93-1)
United States · United States Congress · 5 February 1973
Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)
United States · United States Congress · 5 February 1973
Provides that there be printed, with illustrations, as a Senate Document and bound, under the direction of the Joint Committee on Printing, all of the speeches and remarks which constitute tributes to the life, character, and public service of the late President of the United States, Lyndon Baines Johnson, and which were delivered on January 24 and 25, 1973, in the rotunda of the Capitol of the United States where the remains of the late President lay in state, at his funeral service held at the National City Christian Church, Washington, District of Columbia, and at his burial service in Texas, together with such additional explanatory matter as the Joint Committee may deem pertinent, and all speeches and remarks of tribute to the late President delivered in the Halls of Congress. Provides that there shall be printed and bound, as directed by the Joint Committee on Printing, thirty-two thousand two hundred and fifty additional copies of such document, of which twenty-one thousand nine hundred and fifty copies shall be for the use of the House of Representatives and ten thousand three hundred copies shall be for the use of the Senate.
United States · United States Congress · 30 January 1973
Requires the President to notify within ten days each House of the Congress by special message of every instance in which he impounds funds or authorizes such impoundment by any officer of the United States. States that such message must specify the amount of impounded funds, the specific programs affected, and the reasons for the impoundment of funds. Provides that the President shall cease the impounding of funds set forth in each special message within sixty days of continuous session after the message is received by the Congress unless the specific impoundment shall have been ratified by the Congress by the passage of a resolution in accordance with the provisions of this Act.
United States · United States Congress · 29 January 1973
Provides for the designation of the Manned Space Craft Center, located at Houston, Texas, as the "Lyndon B. Johnson Space Center." Provides that any reference to such facility in any law of the United States shall be deemed a reference to it as the Lyndon B. Johnson Space Center.
United States · United States Congress · 23 January 1973
Increases the limitation on the face amount of flood insurance authorized to be outstanding under the Housing and Urban Development Act of 1968, to $4,000,000,000.
United States · United States Congress · 23 January 1973
Declares that the House of Representatives has learned with profound regret and sorrow of the death of Lyndon Baines Johnson, former President of the United States of America. Provides that in recognition of the many virtues, public and private, of one who served with distinction as a Representative, Senator, Vice President, and President, the Speaker shall appoint committees of the House to join with such Members of the Senate as may be designated, to attend the funeral services of the former President. Declares that the House tenders its deep sympathy to the members of the family of the former President in their sad bereavement. Directs the Sergeant at Arms of the House to take such steps as may be necessary for carrying out the provisions of these resolutions, and that the necessary expenses in connection therewith be paid out of the contingent fund of the House. Provides that the Clerk shall communicate these resolutions to the Senate and transmit a copy of the same to the family of the deceased, and that as a further mark of respect to the memory of the former President, this House do now adjourn.
United States · United States Congress · 3 January 1973
Provides that, notwithstanding any other provision of law or any other regulation, no State shall receive a lesser allocation of water pollution control funds in fiscal year 1973 or fiscal year 1974 than it received in fiscal year 1972.
United States · United States Congress · 3 January 1973
Federal Credit Union Modernization Act - Redefines a Federal credit union as a cooperative association incorporated in accordance with the provisions of the Federal Credit Union Act for the purpose of encouraging thrift among its members and creating a source of credit at a fair and reasonable rate of interest and providing an opportunity for its members to use and control their own money in order to improve their economic and social condition. Provides that the par value of federal credit union shares shall be in $5 multiples, not less than $5 and not more than $25 each (presently $5 per share). Requires the advice and consent of the National Credit Union Board concerning examination fees to be charged to credit unions. Removes the maturity period limits on loans by a Federal credit union. Requires the approval of loans to a director or supervisory or credit committee in excess of $2500 to be approved by the board of directors. Removes the limits on the amount of funds that may be invested in loans to other credit unions, and expands the investment purposes for which credit union funds may be used. Extends to a Federal credit union such interest powers as are implied for general corporations. Empowers a credit union to enter into cooperative marketing agreements for its members covering such services as group life insurance, temporary disability coverage, and health and accident plans; and to perform trust services for its members. Expands the membership of federal credit unions. Permits shares, deposits, share certificates and share deposits to be issued in multiple-party accounts, and makes provisions for fund-withdrawals beneficial ownership, and survivorship rights in such multiple-party accounts. Stipulates procedures for the management of a Federal credit union, including the election and terms of office of the directors and the supervisory and credit committees; the duties of officers and committees; and the methods of applying for and approving a Federal credit union loan. Provides for an annual audit by the supervisory committee, and for a declaring of dividends at such intervals as the board of directors may authorize. Authorizes each Federal credit union to act as fiscal agent for and to receive deposits from a State government or political subdivision thereof and public housing corporations. Allows Federal credit unions to hold payments and proceeds of obligations of the United States as well as appropriated and nonappropriated funds. (Amends 12 U.S.C. 1751 - 1772)
United States · United States Congress · 3 January 1973
Bases the membership in the Federal Reserve System upon a certificate attesting the membership of the member bank rather than upon subscription to Federal Reserve bank stock. Exempts Federal Reserve bank shareholders from liability for such bank's contracts and debts. Provides that the Federal Reserve banks shall have no capital stock. Requires banks applying for membership in the Federal Reserve System to submit an application to the Federal Reserve bank of its district in accordance with regulations of the Federal Reserve Board and a $10.00 membership fee. (Amends 12 U.S.C. 222; 287; Repeals 12 U.S.C. 502) Revises the composition of the Federal Reserve Board to consist of 7 members representative, to the degree possible, of agricultural, consumer, labor, business and academic interests, each term of whom will not exceed 5 years. Abolishes the Federal Open Market Committee and the Federal Advisory Council of the Federal Reserve System. Establishes the Federal Advisory Committee of the Federal Reserve System, which will consist of 6 members, and whose duty it shall be to advise the Federal Reserve Board on any program or matter concerning monetary policy. Removes from every Federal Reserve bank the power to establish discount rates, and invests that power in the Board of Governors. Establishes criteria for the avoidance of conflicts of interest among officers and employees of the Federal Reserve system or any bank thereof. Provides for an annual audit of the Federal Reserve Board and Federal Reserve banks and their branches by the Comptroller General. Provides for the operation of the Federal Reserve System by funds appropriated by Congress.
United States · United States Congress · 3 January 1973
National Credit Union Bank Act - Declares the Congressional finding that there exists an urgent need for consumer credit at reasonable rates. Cites the contribution made by credit unions in alleviating this situation. States that the extent of such relief would be enlarged by establishing a National Credit Union Bank empowered to make temporary loans for liquidity purposes to its shareholders, discount notes of its shareholders, provide a national service of interlending for credit unions, sell debt securities in the open market, aid in the rehabilitation and stabilization of credit unions, aid in the orderly liquidation of credit unions when necessary, aid in the development of credit unions serving low-income persons, and to cooperate with and assist credit unions and related State regulatory bodies for the purpose of improving the general welfare of the people through credit unions. Creates a body corporate to be known as the "National Credit Union Bank" which shall exist perpetually until dissolved by Act of Congress and which shall not be an agency of the United States Government. Asserts that the principal office of the Bank shall be located in the District of Columbia but that the Bank may establish such district and branch offices throughout the United States as it deems appropriate. Makes provisions for a permanent Board of Directors to manage the Bank. Authorizes the Secretary of the Treasury to advance no more than $500,000 to be utilized for the initial organizational and operating expenses of the Bank. Directs that this advance shall be at a rate of interest to be determined by the Secretary of the Treasury and shall be repaid within one year from the date of any such advance. Provides that, upon the enactment of this Act, the Board of Directors of the Bank shall open books for subscription to the capital stock of the Bank. Declares that the capital stock shall be divided into shares of par value $100 each. Directs that the minimum capital stock shall be issued at par and stock issued thereafter shall be isseud at such price not less than par as may be fixed by the Board of Directors. Provides that each credit union which is chartered after enactment of this Act and which is accepted for membership in the Bank within one year from the date it is chartered shall pay $25 in cash to be credited to its purchase of stock in the Bank. Asserts that at the expiration of one year from the date of its charges, the newly organized credit union shall subscribe for stock in the Bank in an amount equal to 1 percent of its total assets on this date. Provides that every credit union insured by the Administrator and which is not prohibited by the Administration and which is not prohibited by the laws under which it is organized to become a shareholder in the Bank shall apply for membership in the Bank within three months of the effective date of this Act. Directs that any other State credit union may apply for membership in the Bank. Provides that the Bank shall act on applications for membership, and, upon approval, shall require such applicants to subscribe to capital stock of the Bank in an amount equal to 1 percent of the subscriber's total assets. Grants the bank the necessary powers and authority in order to carry out its operations. Provides for auditing of the Bank's records by the General Accounting Office. Provides that the Bank, its property, its franchise, capital, reserves, surplus, security holdings, and other funds, and its income shall be exempt from all taxation now or hereafter imposed by the United States or by any State or local taxing authority, except that: (1) any real property and tangible personal property of the Bank shall be subject to Federal, State, and local taxation to the same extent according to its value as other such property is taxed; and (2) any and all obligations issued by the Bank shall be subjected both as to principal and interest to Federal, State, and local taxation to the same extent that the obligations of private corporations are taxed.
United States · United States Congress · 3 January 1973
Authorizes the House Committee on Banking and Currency to conduct full and complete studies and investigations and to make inquiries of all matters within its jurisdiction as set forth in clause 4 of rule XI of the Rules of the House of Representatives. Directs the committee to hold hearings, within and without the United States, require attendance and testimony of such witnesses and production of such books, records, correspondence, memorandums, papers, and documents, as it deems necessary. Requires the committee to submit to the House of Representatives, not later than January 2, 1975, a report on the activities of that committee during the Congress ending at noon on January 3, 1975. States that funds authorized are for expenses incurred in the committee's activities within the United States, however, local currencies owned by the United States shall be made available to the Committee on Banking and Currency for the purpose of carrying out the committee's authority, as set forth in this resolution, to travel outside the United States. Establishes conditions with respect to the use of such local currencies by members and employees of the committee.
![Official portrait of Rep. Patman, Wright [D-TX-1]](https://www.congress.gov/img/member/p000103_200.jpg)