United States · United States Congress · 15 January 1979
Amends the Federal Election Campaign Act of 1971 to add Title V: Financing of General Election Campaigns for the House of Representatives. Directs the Secretary of the Treasury to maintain, in the Presidential Election Campaign Fund, the House of Representatives Election Campaign Account. Sets forth eligibility requirements to be met by candidates for election to the House of Representatives seeking payments from such Account. Limits expenditures from personal funds which may be made by candidates meeting such eligibility requirements. Entitles eligible candidates to matching payments and sets forth the procedure for determining the amounts of these payments. Stipulates that the aggregate payments to all candidates in an election shall not exceed three times the maximum amount payable in matching funds. Suspends certain expenditure limitations on eligible candidates if any candidate not eligible to receive payments pursuant to this Act makes expenditures or receives contributions in excess of specified amounts. Sets forth the procedure for requesting matching payments. Sets forth procedures to be followed by the Secretary of the Treasury in maintaining the House of Representatives Election Campaign Account. Directs the Federal Elections Commission to conduct examinations and audits of the campaign accounts of ten percent of the eligible candidates. Provides for the participation of the Commission in judicial proceedings arising under this Act. Authorizes appropriations necessary to carry out the purposes of this Act.
United States · United States Congress · 12 October 1978
Extends the authority of the Board of Governors of the Federal Reserve System to regulate interest rates on deposits and share accounts in depository institutions from December 15, 1978, to December 15, 1979.
United States · United States Congress · 12 October 1978
Fair Employment Relations Resolution - Title I: Fair Employment Relations Board - Establishes as an office of the House of Representatives the House Fair Employment Relations Board to: (1) establish and publish policies and guidelines for the implementation and enforcement of clause 9 of rule XLIII and clause 6(a)(3)(A) of the Rules of the House of Representatives; (2) supervise the actions of the Director and the operations of the House Fair Employment Relations Office; and (3) hear and determine complaints. Title II: House Fair Employment Relations Office - Establishes as an office of the House of Representatives the House Fair Employment Relations Office to develop procedures to implement the policies of the Board, gather information relating to House employment practices, and review procedures for the hearing and setting of complaints. Title III: Complaints of Violations of Equal Employment Opportunities - Provides for counseling and assistance through the Office to any individual who believes that he or she has been discriminated against in violation of rule XI of the Rules of the House of Representatives. Sets forth the procedures for filing informal complaints based on employment discrimination, and for the informal settlement of such claims. Sets forth the procedure for filing formal complaints, and for conducting hearings on such claims. Provides for an appeal to the Committee on Standards of Official Conduct from an adverse decision or order of the Board. Sets forth remedies available to individuals who have been discriminated against.
United States · United States Congress · 10 October 1978
Extends the authority of the Board of Governors of the Federal Reserve System to regulate interest rates on deposits and share accounts in depository institutions from December 15, 1978, to December 15, 1979.
United States · United States Congress · 21 September 1978
Directs the Administrator of the General Services Administration to submit to Congress a study on the restoration of the Pension Building in the District of Columbia to house the Museum of the Building Arts. Requests the Chairman of the National Endowment for the Arts and the Secretary of the Smithsonian Institute to report to Congress by January 1, 1979 on the feasibility of operating such a museum.
United States · United States Congress · 20 September 1978
Expresses the concern of Congress for the safety of the residents of the South African black community known as "Crossroads." Urges the South African Government: (1) to reconsider its plan to destroy Crossroads; and (2) to recognize the right of the residents to continue to live in Crossroads.
United States · United States Congress · 13 September 1978
Federal Reserve Act Amendments - Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to require specified depository institutions to submit to the Board such periodic financial reports as the Board determines to be necessary for it to control and monitor monetary and credit aggregates. Requires every bank subject to reserve requirements to maintain reserves at the rate of seven percent against the total of its demand deposits, savings deposits, and deposits subject to negotiable orders of withdrawal that exceed $50,000,000. Authorizes the Board to adjust this rate between six and eight percent. Requires reserves against time deposits with initial maturities of less than 180 days at a rate of six percent, which may be adjusted by the Board at levels between one and six percent. Requires reserves on time deposits with initial maturities of 180 days or more at the rate of one percent, which may be adjusted by the Board at levels between one and three percent. Preempts State reserve requirements for member banks and banks with required reserves greater than zero. Imposes reserve requirements on the sum of time deposits that exceed $50,000,000, requiring the $50,000,000 exemption to be apportioned between time deposits. Requires the Board to determine each year the level of the total of demand, savings, negotiable order of withdrawal and time deposits that will be subject to reserve requirements provided the proportions established for banks whose reserve requirements are greater than zero do not exceed the proportions of such totals on June 30, 1970. Subjects to reserve requirements any bank that is either an insured bank or is eligible to apply to become an insured bank under the Federal Deposit Insurance Act. Exempts savings and mutual savings banks as defined in such Act from reserve requirements. Authorizes the Board to establish additional reserve requirements against: (1) net balances owed by domestic offices of banks in the United States to foreign offices or banks; and (2) loans to United States residents made by overseas offices of banks with offices in the United States. Grants certain privileges of member banks of the Federal Reserve System to non-member banks maintaining reserves required by this Act. Authorizes the imposition of reserve requirements exceeding the limits imposed by this Act for 30-day periods upon a finding that extraordinary circumstances require such action by at least five members of the Board after consultation with the appropriate committees of Congress. Provides a four year transition period for nonmember banks to implement the reserve requirements imposed by this Act. Extends a similar transition period to member banks in meeting requirements that exceed those in effect immediately prior to July 1, 1979. Requires the Board to implement the reserve requirements imposed by this Act for member banks within two years. Requires that reserves be maintained in the form of balances at a Federal Reserve Bank or as vault cash as determined by regulation or order of the Board, provided such requirements are identical for all banks. Permits reserve balances to be maintained by a nonmember bank in member or nonmember banks that maintain reserve balances at a Federal Reserve bank, provided such banks pass the balances to a Federal Reserve bank. Exempts such funds from reserve requirements and Federal Deposit Insurance assessments. Directs the Board to study the following: (1) the Federal funds market; (2) the long-run effects of the reserve requirements established by this Act on savings deposits at commercial banks; (3) the feasibility of permitting member banks to invest a percentage of their required reserves in United States Treasury securities; (4) the repeal of the prohibition against the payment of interest on demand deposits; (5) the feasibility of imposing reserve requirements on transaction accounts at thrift institutions; and (6) the use of savings deposits at commercial banks for transaction purposes via prearranged transfers to demand accounts. Directs the Board to prepare and publish a schedule of fees for its services and a set of pricing principles by July 1, 1979.
United States · United States Congress · 17 August 1978
American Youth Hostel Act - Authorizes the Secretary of the Interior to enter into cooperative agreements with American Youth Hostels, Incorporated, to develop a national plan for youth hostel development, and to administer a grant program to implement such plan. Establishes guidelines for such cooperative agreements and national plan. Authorizes the Secretary to make grants for improvement and renovations of youth hostels, and for a pilot program for new youth hostel construction.
United States · United States Congress · 16 August 1978
Directs the Civil Aeronautics Board to immediately dissolve the Airlines Mutual Aid Pact. Directs the Board to study the collective bargaining process within the airline industry and to make recommendations to Congress within six months on methods of alleviating the occurrence of protracted airline strikes.
United States · United States Congress · 14 August 1978
Sludge Management Act - Directs the Administrator of the Environmental Protection Agency to study the environmental, health, and economic effects of subsurface landfilling sludge on soils and ground water, and alternate methods of sludge disposal. Directs the Administrator to develop guidelines for sludge disposal and land-spreading in order to protect the public health and welfare. Authorizes the Administrator to make grants to States and localities of up to 40 percent of the cost of removal of sludge from navigable waters of the United States or any adjacent shoreline. Directs the Administrator to establish an Environmental Protection Agency Task Force on sludge removal. Authorizes the establishment of programs of training, demonstration, and surveys relating to the restoration of water quality where degraded by sludge. Amends the Federal Water Pollution Control Act to prohibit grants for treatment works, after September 30, 1976, unless the applicant demonstrates that adequate confined disposal methods will be provided.
United States · United States Congress · 11 August 1978
Federal Reserve Act Amendments - Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to require specified depository institutions to submit to the Board such periodic financial reports as the Board determines to be necessary for it to control and monitor monetary aggregates. Subjects to reserve requirements any bank that is either an insured bank or is eligible to apply to become an insured bank under the Federal Deposit Insurance Act. Exempts savings and mutual savings banks as defined in such Act from reserve requirements. Requires such banks to maintain reserves against their reservable liabilities, as such term is defined in this Act, at a rate of six percent, or at such other rate between five and one-half and six and one-half percent as the Board may by requlation prescribe. Sets forth a formula for determining the amount of reservable liabilities held by such banks. Eliminates the use of different reserve ratios for member banks not in reserve cities. Authorizes the Board to impose reserve requirements outside the limits established by this Act for 30-day periods upon a finding that extraordinary circumstances require such action. Authorizes the Board to establish additional reserve requirements against: (1) net balances owed by domestic offices of banks in the United States to foreign offices or banks; and (2) loans to United States residents made by overseas offices of banks with offices in the United States. Grants certain privileges of member banks in the Federal Reserve System to nonmember banks maintaining reserves required by this Act.
United States · United States Congress · 4 August 1978
Extends the authority of the Board of Governors of the Federal Reserve System to regulate interest rates on deposits and share accounts in depository institutions from December 15, 1978, to December 15, 1981. Prohibits the establishment, by State or Federal law of interest rate differentials between: (1) banks, other than savings banks, the deposits of which are insured by the Federal Deposit Insurance Corporation; and (2) savings and loan, building and loan, or homestead associations (including cooperative banks) the deposits of which are insured by the FSLIC, or mutual savings banks, on savings accounts from which automatic transfers to third-party payment accounts may be made pursuant to the prearranged agreement of depositors or accountholders.
United States · United States Congress · 3 August 1978
Extends the authority of the Board of Governors of the Federal Reserve System to regulate interest rates on deposits and share accounts in depository institutions from December 15, 1978, to December 15, 1980.
United States · United States Congress · 2 August 1978
Savings and Loan Associations Mutual Capital Certificate Act - Amends the Homeowners' Loan Act of 1933 to allow Federal savings and loan associations to issue mutual capital certificates, in accordance with regulations issued by the Federal Home Loan Bank Board. Specifies conditions which shall be provided for in the Board's regulations, including that mutual capital certificates shall be subordinate to all savings accounts, savings certificates, and debt obligations. Amends the National Housing Act to provide that mutual capital certificates and debentures shall be deemed to be reserves for purposes of such Act.
United States · United States Congress · 2 August 1978
Extends the authority of the Board of Governors of the Federal Reserve System to regulate interest rates on deposits and share accounts in depository institutions from December 15, 1978, to December 15, 1980.
United States · United States Congress · 25 July 1978
Amends the charter of the Boy Scouts of America to stipulate that the annual report of the Boy Scouts shall be printed each year as a separate House document.
United States · United States Congress · 20 July 1978
Susan B. Anthony Dollar Coin Act - Amends the Coinage Act of 1965 to change the size and weight of the one-dollar coin and to require that the obverse side of such coin bear the likeness of Susan B. Anthony.
United States · United States Congress · 19 July 1978
Directs the Administrator of Veterans' Affairs to consider a certain National Service Life Insurance policy certificate to have been valid on and after the death of a certain individual.
United States · United States Congress · 18 July 1978
Directs the Postmaster General to issue a special postage stamp in honor of Doctor Ralph J. Bunche, who worked for the cause of peace and against discrimination and intolerance.
United States · United States Congress · 14 July 1978
Interest on Reserves Act - Amends the Federal Reserve Act to authorize the payment of interest on the required reserve balances of member banks held by Federal Reserve Banks. Sets forth a formula for determining the maximum amount of such interest to be paid in any one year.
United States · United States Congress · 14 July 1978
Federal Reserve Requirements Act - Title I: Reserve Requirements of Member Banks and Other Depository Institutions - Amends the Federal Reserve Act to make transaction accounts at all federally insured depository institutions subject to reserve requirements set by the Federal Reserve. Defines "transaction account" as a deposit or account on which the depositor or account holder may make withdrawals by negotiable or transferable instrument for the purpose of making payments to third persons. Imposes reserve requirements on demand deposits in every depository institution at a rate between seven and 22 percent as determined by the Board. Eliminates the use of different ratios for member banks not in reserve cities. Requires all depository institutions to maintain reserves against all other transaction accounts at ratios of three to 12 percent as determined by the Board. Requires every member bank to maintain reserves against its time and savings deposits, other than negotiable order of withdrawal accounts, at ratios between one-half and ten percent. Exempts $5,000,000 of the transaction accounts of a depository institution from such reserve requirements. Authorizes the Board to impose reserve requirements of up to seven percent on such accounts upon a determination that such reserves are appropriate. Directs that the transaction accounts of a depository institution established after June 30, 1978, be added to the transaction accounts of an affiliated institution for the purpose of determining reserve requirements if the affiliated depository institution is subject to reserve requirements. Provides a four-year transition period for nonmember banks to implement the reserve requirements of this Act. Requires that reserves be maintained in the form of balances at a Federal Reserve Bank or as vault cash as determined by regulation or order of the Board, provided such requirements are identical for all depository institutions. Permits reserve balances to be maintained by member depository institutions in member banks or Federal Home Loan Banks provided such institutions pass the balances to a Federal Reserve Bank. Exempts such funds from reserve requirements or Federal deposit insurance assessments. Title II: Conforming Amendments and Effective Date - Sets forth the effective date and makes conforming amendments for this Act.
United States · United States Congress · 13 July 1978
Financial Institutions Regulatory Act - Title I: Supervisory Authority Over Depository Institutions - Creates civil penalties for specified insiders loans and loans to affiliates, prohibited by the Federal Reserve Act, for violations of reserve borrowing loan limits. Amends the Federal Reserve Act to prohibit member banks from making loans to insiders under specified conditions. Amends the Bank Holding Company Act of 1956 to authorize the Board of Governors of the Federal Reserve System to order the termination of control or ownership by a bank holding company of any of its nonbank subsidiaries whenever they constitute a serious risk to the financial safety of a subsidiary bank of the holding company. Amends the National Housing Act by authorizing the Federal Savings and Loan Insurance Corporation to order the termination of ownership or control of any noninsured subsidiary by a savings and loan holding company whenever there is reasonable cause to believe that continued ownership constitutes unsafe and inconsistent banking practice. Grants authority to the Federal Savings and Loan Insurance Corporation to make loans to a savings and loan association in order that it may buy the assets of a failing savings and loan institution so as to prevent the failure of such institution. Prescribes penalties for the violation of any provision of this Title. Authorizes financial regulatory agencies, including the National Credit Union Administration and the Federal Home Loan Bank Board, to initiate cease and desist actions against officers, directors, stockholders, or any person participating in the affairs of a financial institution (as well as against the institution itself as is allowed by current law) when there have been violations of laws and regulations or unsafe and unsound banking practices which are likely to seriously weaken the condition of the institution in question. Sets forth a procedure to be followed for removal of any officer or director for breach of fiduciary duty. Increases the allowable mortgage and education loans to executive officers of banks. Creates a hearing process for removal of a bank officer or director based on an indictment for or conviction of a felony. Title II: Interlocking Directors - Depository Institution Management Interlocks Act - Prohibits interlocking management and director relations between any depository institutions or depository holding companies located in the same metropolitan area. States that this prohibition applies without regard to geographical limits where such an institution has assets exceeding $1,000,000,000 and seeks an interlocking relationship with any institution with assets over $500,000,000. Delegates authority for the enforcement of this Act. Title III: Foreign Branching - Amends the Federal Deposit Insurance Act to prohibit any State nonmember insured bank from operating any foreign branch without prior written consent of the Federal Deposit Insurance Corporation (FDIC). States that when the liabilities of an insured bank for deposits are assumed by another insured bank the following shall occur: (1) the insured status of the bank whose liabilities are assumed shall terminate on the date of receipt by the FDIC of evidence of such assumption; (2) termination of separate insurance of all assumed deposits at the end of six months from the effective date; and (3) notification of such assumption by the assuming bank to each of the depositors of the assumed bank. Amends existing requirements for the reporting and assessment of deposits accumulated for the payment of personal loans when such deposits are assigned or pledged to assure the payment of such loans at maturity. Title IV: Conflicts of Interest - Depository Institutions Conflict of Interests Act - Amends the Federal Deposit Insurance Act, the Federal Reserve Act and the Federal Home Loan Bank Act to prohibit specified Presidential-appointee bank regulatory agency heads and members of such agencies from being employed for a period of two years after they leave office by institutions under their regulatory jurisdiction or with a holding company affiliate. Prohibits such individuals from appearing before the board of their respective agencies, either formally or informally, from contacting such board, directly or indirectly, orally or in writing, or from acting as agent or attorney for any other person, other than the United States, before such board for a period of two years immediately following their employment. Title V: Credit Union Restructuring - Reorganizes the National Credit Union Administration and places it under the management of the National Credit Union Administration Board. Directs the chairperson of such Board to represent the Administration in its official relations with other branches of Government. Restricts the employment and activities of Board members for a period of two years immediately following their employment. Requires each Federal credit union to pay the Administration an annual operating fee and to make annual financial reports to the Board. Title VI: Change in Bank Control Act - Amends the Federal Deposit Insurance Act to prohibit any person from acquiring any insured bank or bank holding company unless the appropriate Federal banking agency has been notified and has not issued a notice of its disapproval within a specified time period. Prescribes the procedure to be followed by any agency in making its determination to approve or deny such change of control. Title VII: Change in Savings and Loan Control Act - Amends the National Housing Act to prohibit any person from acquiring control of any federally insured savings and loan association or holding company unless the Federal Deposit Insurance Corporation has been notified and has not issued a notice of its disapproval within a specified time period. Prescribes the procedure to be followed by the Corporation in making its determination to approve or deny such change of control. Requires any insured institution to disclose any loan secured, or to be secured, by 25 percent or more of the outstanding voting stock of an insured institution to the Corporation. Prescribes civil penalties for violations of this Title. Title VIII: Correspondent Accounts - Prohibits the extension of credit to any officer, director, or specified stockholders of a bank which has a correspondent relationship with the lending bank, in its own name or in the name of another bank, unless such loan does not: (1) involve more than the normal risk of repayment; (2) include unusual terms of interest or collateral; or (3) present any other unfavorable features. Prohibits the establishment of a correspondent account where a loan already has been made to any officer, director, or specified stockholders of the bank desiring to open the account. Prescribes civil penalties for violations of this Title. Requires each executive officer and each stockholder who directly or indirectly owns, controls, or has the power to vote more than ten percent of any class of voting securities of an insured bank, to submit a written report to the board of directors of such bank for any year in which such officer or stockholder has outstanding an extension of credit from a bank which maintains a correspondent account in the name of such bank. Requires such report to include: (1) the maximum amount of indebtedness to the bank maintaining the correspondent account of such officer or stockholder and of each company, political or campaign committee which will benefit or is controlled by such officer or stockholder; (2) the maximum amount of such indebtedness as of a date not more than ten days prior to the filing of the report; (3) the range of interest rates charged on such indebtedness; and (4) the terms and conditions of such indebtedness. Requires each insured bank to compile and submit such reports to specified regulatory agencies. Title IX: Disclosure of Material Facts - Amends the Federal Deposit Insurance Act to list information which must be included in an annual report to be made by each insured bank to the appropriate Federal banking agency. Title X: Federal Financial Institutions Examination Council - Federal Financial Institutions Examination Council Act - Establishes a Financial Institutions Examinations Council to prescribe uniform principles and standards for the Federal examination of financial institutions. Defines the term "financial institution" to mean: (1) a commercial bank; (2) a savings bank; (3) a trust company; (4) a savings and loan association; (5) a building and loan association; (6) a homestead association; (7) a cooperative bank; and (8) a credit union. Directs that one-fifth of the operating costs of the Council be paid by each of the Federal financial institution regulatory agencies. Directs the Council to make recommendations for uniformity in other supervisory matters, including classification of loans subject to risk and identification of financial institutions in need of special supervisory attention. Requires the Council to establish a liaison committee composed of five representatives of State supervisory agencies in order to encourage the application of uniform examination principles and standards by State and Federal Supervisory agencies. Title XI: Right to Financial Privacy - Right to Financial Privacy Act - Prohibits any Government authority from obtaining copies of, access to, or the information contained in, the financial records of any customer from a financial institution unless such records are reasonably described and: (1) such customer has authorized such disclosure in accordance with this Act; (2) such records are disclosed in response to an administrative subpena or summons; (3) such records are disclosed in response to a court order; (4) such records are disclosed in response to a judicial subpena; or (5) such financial records are disclosed in response to a formal written request meeting specified requirements. Requires in all cases that the customer be notified of the agency seeking such records, the purpose for which such records are sought, and the rights of customers under this Act. Establishes specific conditions and procedures for the delay of notice to a customer. States that no financial institution may provide to a Government authority copies of or the information contained in the financial records of any customer except in accordance with the requirements of this Act. Sets forth provisions governing customer authorization, administrative subpenas and summonses, judicial subpenas, and search warrants. Establishes procedures for a customer to challenge the disclosure of financial records. Provides exceptions to the provisions of this Act and special procedures for the disclosure of records to the Secret Service and government authorities acting in the field of foreign intelligence. Establishes civil penalties and the right to injunctive relief without regard to the amount in controversy for violation of the provisions of this Title. Establishes conditions on the use of financial records about a customer obtained under the authority of a Federal grand jury. Title XII: Charters for Thrift Institutions - Amends the Home Owners' Loan Act to authorize the Home Loan Bank Board to provide for the organization, chartering operation, and regulation of associations to be known as Federal Savings and Loan Associations or Federal mutual savings banks. Subjects converting mutual savings banks to the requirements of existing State law pertaining to discrimination in the extension of home mortgage loans if the State requirements are more stringent than Federal laws and regulations. Establishes a five year shared risk program in the event that a converting insititution fails. Title XIII: Holding Companies - Amends the Bank Holding Company Act of 1956 to prohibit a bank holding company from providing insurance as a principal, agent, or broker except: (1) where the insurance is to secure a credit transaction; (2) where the insurance is sold in a community with a population of less than 5,000 or that has no other adequate insurance agency facilities; (3) where the insurance is sold by a bank holding company or its affiliate lawfully engaged in insurance activities prior to June 6, 1978; or (4) where the bank holding company engaged in insurance activities has assets of $50,000,000 or less. Title XIV: Amendments to the National Banking Laws - Makes changes with respect to the following: (1) the power of national banks to purchase, hold, and convey real property; (2) the trust powers of national banks; (3) the emergency restrictions on Federal Reserve banks; and (4) examination of foreign operations of State member banks. Allows an individual who holds the required number of shares in a company that controls a banking association to serve as a director of that association. Permits a banking association to purchase shares of stock in a State chartered bank insured by the Federal Deposit Insurance Corporation if the stock of such bank is owned exclusively by other banks and if such bank is exclusively engaged in providing banking services for other banks, their officers, directors or employees. Limits the total amount of such stock which may be held by an association to five percent of its capital stock and paid in unimpaired surplus. Title XV: Termination of National Bank Closed Receivership Fund - Directs the Comptroller of the Currency to disburse the liquidating dividends from national banks closed on or before January 22, 1934, held by the Comptroller in the capacity as successor to receivers of those banks. Title XVI: Transaction Accounts - Permits any depository institution chartered by the Federal Home Loan Bank Board and located in a State which authorizes State-chartered institutions insured by the Federal Savings and Loan Insurance Corporation to offer transaction accounts permitting withdrawals or transfers of account on negotiable, transferable, or nonnegotiable check, order, or authorization, as determined by the Board, to offer comparable services to the extent authorized by the Board. Authorizes the Board to allow depository institutions located in the District of Columbia to offer transaction accounts if depository institutions in Virginia and Maryland are permitted to offer such accounts. Title XVII: Financial Regulation Simplification Act - Requires the Federal financial regulatory agencies to establish a program which assures periodic review of existing regulations to insure that: (1) the need for and purposes of a regulation are clearly established; (2) timely participation is available to the public, financial institutions, and other Federal, State and local agencies; (3) alternatives to the promulgation of regulations are considered; (4) compliance costs, paperwork and other problems are minimized; and (5) conflicts, inconsistencies and duplication between the regulations of Federal agencies are avoided. Terminates this Title five years after its effective date. Title XVIII: Alternative Mortgage Instruments - Permits federally chartered savings and loan associations to offer alternative mortgage instruments where State law, rules, or regulations, allow State chartered savings and loan associations to offer such instruments. Tile XIX: Prohibition on Credit Card Surcharges - Repeals the prohibition on the imposition of surcharges for payment by credit card in sales transactions. Title XX: Effective Date - Sets forth the effective date for this Act.
United States · United States Congress · 28 June 1978
Excludes from the Federal law limiting and restricting the corporate powers of national banking associations to deal in and underwrite investment securities specified dealing in and underwriting of all other nongeneral obligations issued or guaranteed by or on behalf of a State or any political subdivision thereof or agency of a State or any political subdivision thereof (except special assessment obligations and industrial revenue bonds) which are at the time eligible for purchase by a national bank for its own account, subject to specified limitations. Requires the Secretary of Treasury to submit an annual report to the Congress showing the extent to which the business of underwriting and dealing in State and local obligations is being carried on by commercial banks as compared with other banking institutions with a view to determining the effect of the amendment made by the first section of this Act on the institutional distribution of such business.
United States · United States Congress · 26 June 1978
Press Protection Act - Prohibits any person acting under color of law, without a prior adversary court proceeding, from searching any place or seizing any things in the possession, custody, or control of any person engaged in the gathering or dissemination of news for the print or broadcast media, unless with a warrant issued by a court upon probable cause that such person has committed or is committing a criminal offense. Establishes a criminal fine of not more than $10,000 for violation of this Act, and creates a civil cause of action for any person aggrieved by a violation. Allows punitive damages of up to $10,000, and reasonable attorneys fees.
United States · United States Congress · 26 June 1978
Expresses the sense of the Congress that the President, in carrying out his duties under the Trade Act, should seek the adoption and application of trade agreements which include environmental and safety and health standards among the international fair labor standards to be adopted.
United States · United States Congress · 21 June 1978
National Development Bank Act - Title I: Congressional Findings and Statement of Purpose - Sets forth findings and purposes of this Act. Title II: Definitions - Defines terms used in this Act. Defines "distressed area" as a geographical area encompassed by a local government which is characterized by at least three of the following conditions: (1) an above average unemployment rate; (2) a below average growth rate in employment; (3) a below average growth rate in per capita income; and (4) a below average growth rate in population. Includes, within the definition of "distressed area," without qualification, Puerto Rico, specified territories of the United States, and any area under the sovereignty or governance of an Indian tribe. Title III: Establishment of Bank - Establishes the National Development Bank as an agency and instrumentality of the United States under the direction of the President. States that the only office of such Bank shall be located in Washington, D. C. Declares the purpose of the Bank to be to facilitate private businesses in locating, expanding, and maintaining development projects in distressed areas. Vests management of the Bank in a Board consisting of the Secretary of Commerce, the Secretary of Housing and Urban Development, and the Secretary of the Treasury with the Secretary of Commerce and the Secretary of Housing and Urban Development serving in alternate years as Chairperson of the Board. Provides for the appointment of alternate members to the Board. Sets forth requirements for the meetings and proceedings of the Board. Directs the President to appoint, with the advice and consent of the Senate, a President and Vice-President to serve as executive officers of the Bank. Provides for the appointment, by the President of the United States, of a nine-member Advisory Committee. Provides for the protection of confidential material submitted to the Board or Advisory Committee. Requires the Bank to report to the President and the Congress within 90 days after the end of each fiscal year. Sets forth the information to be included in such report. Title IV: Powers - Enumerates the corporate powers of the Bank. Title V: Role of Local Development Authorities - States that there shall be only one local development authority for each distressed area. States that such authority may be: (1) the local government; (2) an entity of the local government; or (3) with respect to a specific project, a State, State agency or nonprofit entity designated by the local government. Requires such authorities to act as the principal negotiators for private companies seeking financial assistance from the Bank for projects in distressed areas. Directs that all applications for financial assistance be submitted by such authorities. Establishes procedures for review of the status of projects granted financial assistance by the Bank. Authorizes ownership of a project by a local development authority and allows for payments by such authority in lieu of taxes that would be paid by a private owner. Permits a member of a local development authority to be affiliated with a company seeking assistance under this Act, provided such person: (1) files a statement of such affiliation with the Bank and the local development authority; and (2) does not participate in any activities of the local development authority regarding such company. Prohibits assistance by the Bank when such an affiliation raises a significant issue concerning the independence of a local development authority. Limits the assistance which may be provided by the Bank to distressed portions of areas encompassed by local governments which are not, as a whole, distressed areas, to ten percent of the total amount of all financial assistance provided by the Bank in any fiscal year. Title VI: Restrictions on Financial Assistance - Requires a finding by the Bank, before providing assistance to a project, that such assistance is a necessary or dominant factor in inducing a company to undertake the project. Requires such findings to be submitted in writing, to the General Accounting Office. Directs the Bank, in deciding among applications for assistance, to give primary consideration to: (1) the proposed project's provision of private sector employment opportunities; and (2) the contribution of the project to the economic and fiscal base of the distressed area. Sets forth other factors to be considered by the Bank in approving applications. Title VII: Guarantees - Authorizes the Bank to guarantee the principal and interest of up to 75 percent of the long-term debt (other than publicly-distributed securities and tax-exempt bonds) for any eligible project in a distressed area up to a maximum amount of $15,000,000. Conditions the extension of a guarantee upon contractual arrangements among the Bank, the eligible company, the lenders extending all of the long-term debt, and, the appropriate local development authority. Sets forth the required provisions of such contracts. Requires the terms of the guaranteed long term debt to be at least as favorable to the lender of such debt as those terms applicable to the nonguaranteed debt for a project. Prohibits the guarantee of long-term debts that bear interest at rates that the bank, in consultation with the Secretary of the Treasury, determines are excessive, taking into account the rates for similar debt securities in the private market and the risk assumed by the United States. Conditions the extension of a guarantee on a determination by the Bank that the lender is responsible and the the financial interests of the United States shall be protected. Permits the Bank to require its prior consent to the resale of a guaranteed debt. Restricts the resale of the non-guaranteed debt of a project to the Bank, to private financial institutions, or through public distributions. Prohibits the extension of a guarantee where the nonguaranteed portion of a debt bears an excessive rate of interest. Prohibits the extension of any nonguaranteed long-term debt which is guaranteed or otherwise assisted by any government program other than: (1) the tax exemption for industrial development bonds; (2) the subsidies provided by this Act; or (3) the taxable bond option of the Internal Revenue Code or which is extended by any person who is affiliated with the eligible company. Directs that an amount equal to up to 25 percent of the total outstanding loans guaranteed under this title be maintained as a reserve to enable the Bank to honor its guarantees. Title VIII: Interest Rate Subsidies - Authorizes the Bank to subsidize the interest payments on the guaranteed portion of a long-term debt provided the borrower's effective annual interest remains above two and one-half percent. Authorizes interest subsidies for nonguaranteed debts provided such subsidies do not exceed 35 percent of the interest costs for 1979 or 1980, and 40 percent for each year thereafter. Restricts the subsidies for nonguaranteed loans. Limits the total principal amount of a long-term debt subsidized, plus the aggregate principal amount of a all outstanding industrial development bonds eligible for tax exempt status that were issued by the borrower or related persons for projects in the same distressed area, to $20,000,000. Prohibits subsidies for tax-exempt industrial development bonds or other long term debts guaranteed, subsidized or otherwise assisted by any Federal, State or municipal government entity. Terminates the Bank's responsibility to make subsidy payments if the borrower defaults in the payment of the underlying interest obligation. Prohibits subsidizing interest payable to affiliates of the borrower except in the case of publicly- issued debt securities where 40 percent of the face amount of such securities is acquired by persons not affiliated with the issuer. Title IX: Grants - Authorizes the Bank to provide grants to assist projects in distressed areas for which it has extended a guarantee or interest subsidy, or in connection with which a local development entity has issued tax exempt industrial development bonds. Directs that such grants be drawn from funds appropriated specifically for use by the Bank under the Public Works and Economic Development Act of 1965 and the Housing and Community Development Act of 1974. Limits such grants: (1) to the lesser of $3,000,000 or 15 percent of the applicable project cost; (2) to projects which the Bank finds consistent with the statute through which the funds are appropriated; and (3) to eligible companies under contract to assure the prior or simultaneous incurrence of the related debt transaction or to refund the grant if the project does not reach fruition. Authorizes the Secretary of Commerce or the Secretary of Housing and Urban Development, depending upon the statute from which the funds are drawn, to waive the requirements otherwise applicable in specific cases. Authorizes the respective Secretary to waive requirements relating to specified other urban development and economic grant programs which the Secretary and the Bank determine are inconsistent with the provisions of this Act. Title X: Liquidity Facility - Authorizes the Bank to purchase a long-term debt extended by private financial institutions to finance projects in distressed areas. Prohibits the purchase any part of a loan which is; (1) guaranteed or subsidized under this Act; (2) tax exempt under the Internal Revenue Code; or (3) extended, guaranteed or subsidized by any Federal, State or municipal government entity. Requires the seller of a loan to assign all its rights under such loan to the Bank with full recourse to the seller in the event of default. Requires the seller to repurchase the loan upon default at a price equal to the unpaid principal and interest and to secure such obligation with a pledge of marketable debt securities equal to at least 25 percent of the price paid by the Bank. Requires the seller to reinvest the proceeds of a purchase by the Bank in new loans, approved by the local development authority, for projects in distressed areas within six months. Authorizes the Bank: (1) to purchase such loans at a limited premium; (2) to arrange for the servicing of such loans by other financial institutions; and (3) to resell such loans to the Federal Financing Bank. Directs that an amount equal to up to 25 percent of the total outstanding loans guaranteed under this title be maintained as a reserve to enable the Bank to honor its guarantees. Title XI: Designation of Eligible Areas - Establishes the procedure and criteria for an annual designation of distressed areas by the Bank. Defines the statistics and methods to be used in designating distressed areas. Authorizes the Bank to designate as distressed areas, certain areas that would not otherwise qualify if such areas: (1) are composed of contiguous territory and have a population of at least 10,000; and (2) would qualify if they were encompassed by a local government. Title XII: Appropriations - Authorizes the appropriation of specified sums to carry out the provisions of this Act during fiscal years 1979, 1980, and 1981. Amends the Housing and Community Development Act of 1974 and the Public Works and Economic Development Act of 1965 to provide for the allocation of funds appropriated under such Acts to the purposes of this Act during fiscal years 1979, 1980, and 1981. Title XIII: Miscellaneous - Authorizes the Bank to waive its priority in judgments involving claims against a debtor. Makes the Bank priority of lien secondary to State and local taxes on debts secured by property. Sets forth other provisions regarding service fees, tax exemptions, Federal jurisdiction and the authority of the Attorney General to bring suits involving the Bank.
United States · United States Congress · 15 June 1978
Federal Reserve Bank Public Directors Act - Amends the Federal Reserve Act to increase the number of directors of each Federal Reserve Bank from nine to twelve by adding three additional directors to the class of directors designated from the public by the Board of Governors of the Federal Reserve System.
United States · United States Congress · 13 June 1978
Authorizes the Secretary of the Treasury to issue substitute Treasury checks to replace any checks of the United States which have been lost, stolen, destroyed, or mutilated, without requiring an undertaking of indemnity by the owner or holder of such a check.
United States · United States Congress · 7 June 1978
Electronic Fund Transfer Act - Requires the issuers of debit instruments designed to make payments and effect transfers through electronic terminals to do the following: (1) disclose a customer's rights and obligations when an account is opened and when there is a change of terms; (2) make available to the customer a written receipt of every transaction at electronic funds transfer terminals; and (3) furnish a monthly statement to each customer identifying all transactions. Provides a procedure for the correction of account errors. Excuses a customer of liability for unauthorized use of his debit instrument unless the debit instrument issuer can establish customer fraud or negligence. Sets forth liability for system malfunction. Provides civil liability for willful violation of this Act and criminal liability for fraudulent use of debit instruments. Makes bank regulatory agencies and the Federal Trade Commission responsible for administrative enforcement of the terms of this Act.
United States · United States Congress · 25 May 1978
Livable Cities Act - States the purpose of this Act to be to further the efforts of urban communities and organizations to revitalize such communities both commercially and culturally. Authorizes the Secretary of Housing and Urban Development, in consultation with the Chairman of the National Endowment for the Arts, to make grants to, or contract with nonprofit organizations for programs under this Act. Directs the Secretary and the Chairman to develop criteria for selecting programs to be assisted under this Act. Provides program guidelines and eligibility requirements for assistance under this Act. Authorizes appropriations for such programs for fiscal years 1979 and 1980.
United States · United States Congress · 18 May 1978
Electronic Fund Transfer Act - Amends the Consumer Credit Protection Act to add the following title: Title IX: Electronic Fund Transfers. Prohibits any financial institution from engaging in any transaction with a customer by means of an electronic terminal without first clearly disclosing to the customer all terms and conditions governing such transfer. States that such disclosure shall include: the rights, duties, and liabilities of both the account holder and institution involved; the types of transfers the consumer may make; and the consumer's ability to authorize another to initiate transfers. Requires a financial institution to give the customer 31 days notice prior to changing any of the terms of the agreement. States that the consumer must receive a receipt for each transfer affecting the consumer's account at the time of the transfer. Requires financial institutions to provide consumers with a periodic statement for each EFT account. Allows the making of preauthorized transfers only by written authorization from the consumer which shall be revokable at will at any time up to three business days preceding the scheduled transfer. Permits a consumer to reverse a transfer in the amount of $50 or more to a third party. Sets forth a procedure for the resolution of errors which calls for prompt investigation of errors and reply to the consumer. States that if a court finds that a financial institution willfully reported to a consumer that his account was correct when such a conclusion could not reasonably be drawn, such institution shall be liable for treble damages. Limits a consumer's liability (in the event of an unauthorized cash transfer) to the lesser of $50 or the amount of money obtained. Holds a financial institution liable to a consumer for any unauthorized transfer in excess of $50. Makes exceptions to such rule in the case of an improper or incorrect transfer if the error was caused by a technical malfunction beyond the control of the institution. Suspends the consumer's obligation to make payment when a technical malfunction prevents the transfer of funds to a third party who has agreed to accept payment by means of an EFT. Prohibits the conditioning of employment, government benefits, or the extension of credit on the consumer's use of EFT's. Restricts the disclosure of information regarding EFT's. Prohibits any agreement which would deprive a consumer of any right granted under this Act. Sets forth the formula for the determination of civil liability for violations of this Act. States that any person who willfully and knowingly gives false or inaccurate information, fails to provide information which is required to be disclosed, or otherwise fails to comply with any provision of this title shall be fined not more than $5,000 or imprisoned not more than a year, or both. Places the enforcement of this title in the case of national banks, Federal Reserve member banks, insured banks, Federal savings and loan associations, and Federal credit unions with their respective regulatory agencies. Directs the Federal Trade Commission to enforce the requirements of this title in all other cases. Directs the Board and the Attorney General to make reports to Congress concerning the administration of their functions under this title. Exempts persons from the laws of any State with respect to EFT's only to the extent that those laws are inconsistent with any of the terms of this Title.
United States · United States Congress · 1 May 1978
Housing and Community Development Amendments - Title I: Community and Neighborhood Development and Conservation - Amends the Housing Act of 1964 to extend the rehabilitation loan program through fiscal year 1979. Amends the Housing and Community Development Act of 1974 to extend the Urban Homesteading program through fiscal year 1979. Changes the requirements for application and eligibility for assistance under the Community Development Block Grant program. Title II: Housing Assistance Programs - Authorizes the Secretary of Housing and Urban Development to make, and contract to make, assistance payments to owners of housing projects insured under the National Housing Act and assisted under rent supplement programs on an annual basis. Permits payments to be made only if such payments are necessary to restore or maintain the economic soundess of the project and to maintain its low-to-moderate-income character. Amends the Housing Act of 1959 to set aside a specified amount of the funds appropriated for housing for the handicapped to be made available for loans for the development of rented housing and related facilities specifically designed to meet the needs of handicapped (primarily non-elderly) persons. Amends the United States Housing Act of 1937 to authorize funds to be appropriated for annual contributions for low-income housing projects through fiscal year 1978. Authorizes the Secretary to make assistance payment to low-income families for the rental of real property on which is located a mobile home which is owned by such family and used by it as a principal residence. Title III: Program Amendments and Extensions - Amends the National Housing Act to extend specified Federal Housing Administration insurance programs including the following: (1) housing renovation and modernization; (2) general insurance authorization; (3) housing for moderate income and displaced families; (4) membership in cooperative associations for lower income families; (5) rental housing for low-income families; (6) coinsurance of mortgages; (7) experimental housing; (8) armed services housing; (9) group practice facilities and medical practice facilities; (10) new communities; and (11) crime and riot reinsurance. Permits the Secretary of Housing and Urban Development to insure, on a permanent basis, mortgages and loans with provisions for varying rates of amortization through fiscal year 1979. Extends the Emergency Home Purchase Assistance program through fiscal year 1979. Amends the Housing Act of 1954 to authorize appropriations for comprehensive planning for urban and rural development through fiscal year 1979. Calls for triennial, instead of biennial, review of the comprehensive plans developed by recipients of assistance under such Act. Amends the Housing and Urban Development Act of 1970 to extend research authorizations through fiscal year 1979. Authorizes the Secretary of such Department to conduct demonstrations to determine the feasiblity of expanding home ownership opportunities in urban areas including encouraging the conversion of multifamily housing properties to cooperative or condominium ownership by individuals and families. Amends the National Flood Insurance Act to extend the National Flood Insurance program and flood insurance through fiscal year 1979. Authorizes the Secretary to bid on specified properties which are not insured under the National Housing Act at foreclosure sales. Amends the National Housing Act to extend mortgage insurance to nonresident care facilities. Changes the eligiblity requirements for condominium mortgage insurance under the National Housing Act. Amends the National Housing Act to increase the authorization of appropriations for fiscal year 1979 for losses sustained by the General Insurance fund. Authorizes the Secretary of Housing and Urban Development to insure loans for the acquisition of fee simple title to residential property from lessors beyond limits established by the National Housing Act, if such property is located in Hawaii. Amends the Department of Housing and Urban Development Act to authorize the establishment of more than one day care facility for the children of employees of such Department. Amends the Housing and Urban Development Act of 1969 to remove certain restrictions on the purchase or lease of surplus real property for use in providing housing for low- and moderate-income families and individuals. Amends the National Housing Act to increase: (1) the total amount of purchase authority of the Government National Mortgage Association; and (2) the limits on the amounts of principal obligations of various classes of mortgages which such Association may purchase. Title IV: Rural Housing - Amends the Housing Act of 1949 to extend the following housing programs until September 30, 1979: (1) low-income repair loans and grants; (2) low rent housing for domestic farm labor; (3) rural rental housing loans; (4) rural housing loans; and (5) mutual self-help housing loans and grants. Directs the Secretary of Agriculture to conduct a study of housing which is available for migrant and settled farmworkers. Requires the adequate written notification of the reasons for which such assistance was denied be given to anyone who has applied for and been denied rural housing assistance. Removes the limitation on the amounts authorized to be appropriated for the low-income repair program and the mutual self-help housing program. Authorizes the Secretary of Agriculture to provide additional assistance to persons receiving aid for rural housing under the interest credit program who are unable to afford a dwelling. Prescribes the formula for determining the amount of such additional assistance. Provides for the recapture of all or a portion of the assistance rendered upon the disposition or nonoccupancy of the property by the borrower. Title V: Congregate Services - Congregate Housing Services Act - Authorizes the Secretary of Housing and Urban Development to enter into contracts with public housing agencies for the establishment of congregate housing projects which are supplemented by supportive services for frail and physically impaired residents. Requires assisted public housing authorities to maintain any financial effort they are making in furtherance of congregate services prior to contract authority approval, unless the Secretary waives such requirement. Amends the United States Housing Act of 1937 to permit the provisions of congregate services in existing public housing. Makes provisions for the administration of services and requires assisted public housing agencies to employ elderly and physically disabled residents to the maximum extent practicable. Sets forth application procedures, requirements for eligibility for services, and rules for the setting of fees for congregate services. Directs assisted public housing agencies to review this program with eligible residents and with the professional assessment committee within the 12-month period prior to the submission of an application for renewed funding. Title VI: Neighborhood Reinvestment Corporation - Establishes the National Neighborhood Reinvestment Corporation. Opens all meetings of the board to public observation unless a board majority votes to close a specific meeting. Empowers the Corporation to continue the work of the Urban Reinvestment Task Force in establishing neighborhood housing services programs, in providing grants and technical assistance to selected neighborhood preservation projects, and in supporting Neighborhood Housing Services of America. Requires the Corporation, in making grants, to determine reporting and management restrictions or requirements on recipients and to assure that recipients make information necessary to determine compliance with Federal laws available to the Corporation. Authorizes specified Federal departments and Federal banks to provide services to the Corporation with or without reimbursement. Directs the Corporation to publish an annual report to the President and the Congress. Requires an annual audit of the Corporation. Requires the Corporation to prepare annual business-type budgets for submission to the Office of Management and Budget. Requires inclusion of such budget as part of the President's annual budget to Congress.
United States · United States Congress · 27 April 1978
New York City Financial Assistance Act - Title I: Emergency Assistance - Authorizes the Secretary of the Treasury to guarantee, under stated conditions, obligations of the City of New York or of its financing agent. Limits the total amount of guarantees that may be outstanding at any time to $2,000,000,000. Title II: Amendments to the Internal Revenue Code of 1954 - Makes interest income received on any obligation guaranteed under Title I of this Act after the date of the enactment of this title taxable under the Internal Revenue Code of 1954.
United States · United States Congress · 20 April 1978
Designates the Blackjack Springs Wilderness Area and the Whisker Lake Wilderness Area, both within the Nicolet National Forest, Wisconsin, as wilderness areas. Directs the Secretary of Agriculture to administer the areas in accordance with the provisions of this Act.
United States · United States Congress · 17 April 1978
Paperwork Reduction Act - Title I: Amendments to the Truth in Lending Simplification Act - Truth in Lending Simplification Act - Amends the Truth in Lending Act to exempt transactions involving extensions of credit for agricultural purposes. Amends the Truth in Lending Act by requiring from both consumer and creditor statements indicating a security interest is taken and general descriptions of any other property which is the subject of or is connected with extension of credit not under an open end credit plan. Requires the Board of Governors of the Federal Reserve System to provide readily understandable model forms and clauses to facilitate compliance with disclosure requirements. States that no civil or criminal liability applies for failure to make disclosure if the creditor utilized these model forms or clauses in good faith. Requires consumer credit contracts to be written in clear, nontechnical language. Title II: Amendment to the Rules of the House of Representatives - Requires paperwork impact statements to be published for public legislation describing the paperwork which would be required by such legislation. Title III: Amendment to Title 13 of the United States Code - Federal Statistical Activity Control Act - Directs the President to make a compilation of all Federal statistical activities and to submit such compilation to Congress. Specifies the type of data to be included in such compilation including the purpose, statutory authority, and cost of such activities. Terminates all Federal statistical authority at the end of the five-year period beginning on the date such authority takes effect or the date the President's compilation is submitted to Congress, whichever is later, unless the statistical authority is otherwise provided for by law. Requires that each report accompanying any bill or resolution which provides for Federal information authority to contain specified information regarding the authority involved including its cost, the number of respondents involved, and the purpose for which the information is being collected. Requires the Bureau of the Census, upon request, to provide Congress with information regarding the evaluation of any existing or proposed Federal statistical authority or information which would be appropriate for the formation or evaluation of the estimates required to be included in committee reports pursuant to this Act.
United States · United States Congress · 12 April 1978
Amends the Internal Revenue Code to provide that an individual's allowable charitable contributions shall be deducted when determining the individual's adjusted gross income, thereby allowing the deduction to individuals who do not itemize.
![Official portrait of Rep. Reuss, Henry S. [D-WI-5]](https://www.congress.gov/img/member/r000165_200.jpg)