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![Official portrait of Rep. St Germain, Fernand J. [D-RI-1]](https://www.congress.gov/img/member/s000762_200.jpg)
United States · Official source
1,966 records where Rep. St Germain, Fernand J. [D-RI-1] is listed as a sponsor, author, or other actor. Search with topics and years
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
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 · 1 August 1978
Authorizes and requests the President to designate November 30, 1978, as "National Postal Workers' Recognition Day."
United States · United States Congress · 1 August 1978
Authorizes and requests the President to designate November 30, 1978, as "National Postal Workers' Recognition Day."
United States · United States Congress · 24 July 1978
Authorizes and requests the President to designate October 7, 1978, as "National Guard Day."
United States · United States Congress · 14 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 · 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 · 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 · 10 July 1978
Amends the Internal Revenue Code to: (1) remove the adjusted gross income limitation on the credit for the elderly; (2) increase the amount of the credit; and (3) provide an annual cost-of-living adjustment for the credit.
United States · United States Congress · 29 June 1978
Provides that where two or more Members of the House of Representatives pay the basic pay of an individual from the clerk-hire allowance of each such Member, such individual shall be considered to be on the payroll of only one such Member for purposes of determining the number of individuals employed by such Members under the clerk-hire allowance. Requires such Members to designate who shall be considered the employer for the month involved and to report such designation to the Office of Finance.
United States · United States Congress · 28 June 1978
Medicare Home Health Amendments - Amends Title XVIII (Medicare) of the Social Security Act to remove the 100 visit limitation presently applicable to home health care services under such Title. Eliminates prior hospitalization as a condition of eligibility for home health care services under part A (Hospital Insurance Benefits for the Aged and Disabled) of such Title. Eliminates confinement to home as a requirement for receiving home health care services under part B (Supplementary Medical Insurance Benefits for the Aged and Disabled) of such Title. Includes "periodic chore services" within those home health services for which payment may be made under the supplementary medical insurance program.
United States · United States Congress · 23 June 1978
Designates June 25, 1978, as "National Brotherhood Day."
United States · United States Congress · 22 June 1978
Citizens Postal Rate Relief Act - Sets the postal rate for personal domestic letter mail of individuals sealed against inspection at 13 cents for the first ounce of each piece and 11 cents for each additional ounce for each piece. Requires the Postal Service to maintain the rate for the class of mail established by this Act at not more than 80 percent of the rate for the transmission of ordinary letters sealed against inspection.
United States · United States Congress · 21 June 1978
Amends Title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to require States having agreements for coverage of their employees under the system of insurance established by such Title to make payments and reports on a calendar-quarter basis.
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 · 12 June 1978
Safe Banking Act - Title I: Supervisory Authority Over Depository Institutions - Creates civil penalties for specified insider's loans and loans to affiliates prohibited by the Federal Reserve Act, for violations of reserve requirements relating to one borrower 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 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 Interlocking 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. Title IV: Conflicts of Interest - Depository Institutions Conflict of Interest 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. 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. 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 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 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. 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 Bank Examination Council - Federal Bank Examination Council Act - Establishes a Bank Examination Council to prescribe uniform principles and standards for the Federal examination of financial institutions. 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 official 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 described with particularity 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. States that no financial institution may provide to a Government official 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 summons, judicial subpenas, and search warrants. Prescribes civil and criminal penalties for violation of the provisions of this Title. 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 institution fails. Title XIII: Holding Companies - Prohibits bank mergers or acquisitions by bank holding companies if such transactions would result in a monopoly, furtherance of a combination or conspiracy to monopolize, or substantially lessen competition in any section of the country unless such anticompetitive effects are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served. Prohibits such transactions if the appropriate regulatory agency finds that as a result of such a transaction any one bank or holding company will control more than 20 percent of the banking assets held by banks in the States in which such bank or holding company is located. Excepts from such 20 percent prohibition a transaction which the appropriate agency finds to be immediately necessary to prevent the probable failure of a bank and a less anticompetitive alternative is not available. Gives the appropriate agency discretion to prohibit such a transaction even if it is not disallowed by any other part of this Act if it is found to have probable adverse effects on competition or market concentration which are not clearly outweighed by the public interest. Prohibits any national bank from engaging in any activity which the Board finds to be an improper activity for bank holding companies in general, or the holding company owning the bank in question, in particular. Requires bank holding companies and their subsidiaries to be capitalized in a safe and sound manner and to refrain from discriminating in making loans in favor of their parent holding company or their affiliated subsidiaries. Requires regular reports to the Board dealing with all intercompany loans. Sets forth procedures for administration of this Act and for judicial review. Gives to any interested person the right to petition the Board to commence a proceeding to consider the issuance, amendment, or revocation of a regulation promulgated here under. 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. 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. Title XVII: Effective Date - Sets forth the effective date for this Act.
United States · United States Congress · 12 June 1978
Authorizes and requests the President to designate Sunday, September 24, 1978, as "National Good Neighbor Day."
United States · United States Congress · 12 June 1978
Authorizes the President of the United States to designate the week of September 17 through 23, 1978, as "National Lupus Week."
United States · United States Congress · 8 June 1978
Amends the Internal Revenue Code to allow handicapped individuals who are incapable of operating highway vehicles an income tax deduction for their comuting expenses.
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 · 7 June 1978
Amends the Trade Act of 1974, with respect to the authority of the President to negotiate trade agreements, to direct the President to reserve any article for which an agreement limiting agricultural imports has been entered into, from negotiations to reduce or eliminate customs duties or import restrictions.
United States · United States Congress · 5 June 1978
Authorizes and requests the President to designate the week of June 4, 1978 as "National Neighborhood Week."
United States · United States Congress · 25 May 1978
Rhode Island Indian Claims Settlement Act - Directs that any transfer of lands or waters located within the United States from, by or on behalf of the Rhode Island Indian Corporation, or any other entity known as or claiming to be the Narragansett Tribe of Indians, including but not limited to a transfer pursuant to any statute of any State, was and shall be deemed to have been made in accordance with the Constitution and all applicable laws of the United States. Stipulates that: (1) to the extent that any such transfer of lands or waters may involve lands or waters to which the Indian Corporation, or any other entity known as or claiming to be the Narragansett Tribe of Indians, had aboriginal title, such transfers shall be regarded as an extinguishment of such aboriginal title as of the date of said transfer; and (2) by virtue of the approval and ratification of a transfer of lands or waters effected by such transfers or an extinguishment of aboriginal title effected thereby, all claims against the United States, any State or subdivision thereof, or any other person or entity, by the Indian Corporation, or any other entity known as or claiming to be the Narragansett Tribe of Indians shall be extinguished. Establishes in the United States Treasury the Rhode Island Indian Claims Settlement Fund into which specified moneys shall be deposited pursuant to this Act. Provides for the payment of a nonrefundable option fee equal to five percent of the purchase price to qualified private defendants with claims under this Act. Directs that upon satisfaction of all conditions set forth in this Act, $3,500,000 shall be paid to the State Corporation from the Fund for the purchases by the State Corporation of private settlement lands. Sets forth certain conditions precedent to the distribution of such moneys from the Fund to the State Corporation. Prohibits lands acquired by the State Corporation under the Settlement Agreement from being conveyed, unless approved by the Secretary of the Interior and the Governor of the State of Rhode Island.
United States · United States Congress · 24 May 1978
Authorizes and requests the President to designate the first Sunday of September after Labor Day of each year as "National Grandparents Day."
United States · United States Congress · 24 May 1978
Authorizes and requests the President to designate the week of September 17, 1978, as "National Port Week."
United States · United States Congress · 23 May 1978
Designates the week of September 10 through September 17 of 1978 as "National Rehabilitation Week."
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 · 18 May 1978
Authorizes and requests the President to designate the week of June 4, 1978 as "National Neighborhood Week."
United States · United States Congress · 18 May 1978
Authorizes and requests the President to designate the week of June 4, 1978 as "National Neighborhood Week."
United States · United States Congress · 16 May 1978
Authorizes and requests the President to designate the first Sunday of September after Labor Day of each year as "National Grandparents Day."
United States · United States Congress · 4 May 1978
Interstate Land Sales Reform Act - Amends the Interstate Land Sales Full Disclosure Act to expand the exemption from the terms of the Act for the sale or lease of lots in subdivisions and to limit the exemption for the sale or lease of real estate which is not a part of a common promotional plan. Grants purchasers or lessees of subdivided real property the right to void a contract for purchase or lease during the 30-day period following the consummation of the transaction and during the three-year period after consummation under specified circumstances. Requires land developers to make public all printed promotional material, transcripts of all radio and television advertisements, and accurate summaries of all verbal representations made by a developer or his agent to promote the purchase or lease of subdivided lots. Revises the formula for determining the amount of damages awarded to purchasers or lessees prevailing in civil suits for untrue statements or omissions of material facts in statement of record to include reasonable court costs, attorneys' fees, appraisal costs, and travel expenses. Permits suits for securing specific performance of contracts or promises made by a developer in connection with a sale or lease of subdivided land. Extends the statute of limitations for such suits from one to three years after the discovery of the untrue statement or omission or after a discovery should have been made by the exercise of reasonable diligence. Authorizes the Secretary of Housing and Urban Development to initiate administrative proceedings upon a reasonable belief that a developer is violating or had violated any provision of this Act or any rules or regulations prescribed pursuant to this Act. Grants the Secretary the power to issue temporary compliance orders if it is in the public interest to do so. Prescribes civil penalties for violations of this Act and increases the amount of criminal penalties which may be assessed. Authorizes any attorney general of a State to bring a civil action, as parens patriae on behalf of individuals residing in such State to secure monetary or injunctive relief for injury sustained by reason of any violations of the Interstate Land Sales Full Disclosure Act.
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 · 26 April 1978
Independent Local Newspaper Act - Amends the Internal Revenue Code to promote the survival of independent newspapers by providing for the establishment of tax exempt trusts for paying estate taxes on such papers, and by postponing the payment of estate taxes on such papers.
United States · United States Congress · 18 April 1978
Safe Banking Act - Title I: Supervisory Authority over Depository Institutions - Creates civil penalties for specified insider loans and loans to affiliates prohibited by the Federal Reserve Act, for violations of reserve requirements under such Act and for violations of the National Bank Act relating to one borrower 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 should they constitute a serious risk to 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 Interlocking 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. Title IV: 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. Requires each Federal credit union to pay the Administration an annual operating fee and to make annual financial reports to the Board. Title V: Change in Bank Control Act - Amends the Federal Deposit Insurance Act to prohibit any person from acquiring any insured bank 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 VI: 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 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 VII: Extensions of Credit and Correspondent Balances - 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. Title VIII: 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 IX: Financial Institutions Bank Examination Council - Federal Bank Examination Council Act - Establishes a Bank Examination Council to prescribe uniform principles and standards for the Federal examination of financial institutions. 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 X: 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. Title XI: 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 XII: Effective Date - Sets forth the effective date for this Act.
United States · United States Congress · 17 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.
United States · United States Congress · 12 April 1978
Amends the Internal Revenue Code to provide identical income tax rates for single persons and married couples filing joint returns. Limits the earned income that must be reported by a married individual filing a separate return to the amount actually earned by that individual.
United States · United States Congress · 12 April 1978
Congregate 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 were 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 provision 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 months period prior to the submission of an application for renewed funding.
United States · United States Congress · 12 April 1978
Amends the Internal Revenue Code to allow individuals a refundable income tax credit for the amount of wages and other earned income lost as a result of an "emergency" or "major disaster" as defined under the Disaster Relief Act of 1974.
United States · United States Congress · 12 April 1978
Authorizes and requests the President to designate the week of June 4, 1978 as "National Neighborhood Week."
United States · United States Congress · 11 April 1978
Hearing Dog Training Act - Directs the Secretary of Health, Education, and Welfare to give financial assistance to centers which train dogs to assist individuals with hearing disabilities. Directs that grants will be made to one center in each of the ten Standard Federal Regions as defined by the Office of Management and Budget. Establishes requirements for eligibility to receive grants.
United States · United States Congress · 6 April 1978
Interstate Land Sales Reform Act - Amends the Interstate Land Sales Full Disclosure Act to expand the exemption from the terms of the Act for the sale or lease of lots in subdivisions and to limit the exemption for the sale or lease of real estate which is not a part of a common promotional plan. Grants purchasers or lessees of subdivided real property the right to void a contract for purchase or lease during the 30-day period following the consummation of the transaction and during the three-year period after consummation under specified circumstances. Requires land developers to make public all printed promotional material, transcripts of all radio and television advertisements, and accurate summaries of all verbal representations made by a developer or his agent to promote the purchase or lease of subdivided lots. Revises the formula for determining the amount of damages awarded to purchasers or lessees prevailing in civil suits for untrue statements or omissions of material facts in statement of record to include reasonable court costs, attorneys' fees, appraisal costs, and travel expenses. Permits suits for securing specific performance of contracts or promises made by a developer in connection with a sale or lease of subdivided land. Extends the statute of limitations for such suits from one to three years after the discovery of the untrue statement or omission or after a discovery should have been made by the exercise of reasonable diligence. Authorizes the Secretary of Housing and Urban Development to initiate administrative proceedings upon a reasonable belief that a developer is violating or had violated any provision of this Act or any rules or regulations prescribed pursuant to this Act. Grants the Secretary the power to issue temporary compliance orders if it is in the public interest to do so. Prescribes civil penalties for violations of this Act and increases the amount of criminal penalties which may be assessed.
United States · United States Congress · 5 April 1978
Consumer Checking Account Equity Act - Amends the Federal Reserve Act and the Federal Deposit Insurance Act to eliminate the prohibition on the payment of interest on demand deposits. Amends the Home Owners' Loan Act and the Federal Credit Union Act to allow federally chartered savings and loan associations and credit unions to offer demand deposits. Amends the Federal Home Loan Bank Act to require any institution which has subscribed to the stock of a Federal Home Loan Bank to maintain reserves against its demand accounts or deposits in amounts as may be prescribed by the Federal Home Loan Bank Board.
United States · United States Congress · 4 April 1978
States that the Commissioner of the Internal Revenue Service should not implement the proposed reorganization of certain Internal Revenue Service district offices until the appropriate committees of Congress have had an opportunity to hold hearings on the proposal.
United States · United States Congress · 3 April 1978
Amends the Local Public Works Capital Development and Investment Act of 1976 to increase the amount authorized to be appropriated to carry out such Act to $10,000,000,000.
United States · United States Congress · 3 April 1978
Authorizes and directs the President to designate April 18, 1978, as "Education Day, U.S.A."
United States · United States Congress · 22 March 1978
Prohibits the use, in advertising any article of gold or silver, of statements which indicate that the gold or silver in such article is of a greater degree of fineness than the actual fineness. Prohibits any representation of the gold content of an article which is of less than ten karat fineness.
United States · United States Congress · 22 March 1978
Omnibus Product Liability Insurance Act - Title I: Federal Insurance Commission - Creates the Federal Insurance Commission which shall have the duty to supervise and regulate all activities of any insurer affecting commerce, to insure that such insurer is solvent, charges reasonable premiums, and otherwise acts in the public interest. Declares unfair insurance practices in commerce to be unlawful. Empowers and directs the Commission to prevent persons from engaging in unfair insurance practices. Sets forth the procedures to be employed by the Commission in any proceeding against any person believed to be using unfair insurance practices in commerce. Empowers the Commission to issue cease and desist orders to persons, partnerships, or corporations found to be involved in such practices. Sets forth the procedure for obtaining a review of such order in the United States courts of appeals. Transfers to and vests in the Federal Insurance Commission, all the functions, powers, and duties of the Federal Insurance Administrator of the Department of Housing and Urban Development, and of the other officers and offices within the Federal Insurance Administration. Authorizes the appropriation of such sums as the Commission may deem necessary to carry out its duties under this Title. Title II: Standards For State Product Liability Tort Litigation Act - Declares that each State has authority to adopt legislation relating to product liability tort law in accordance with specified basic standards set forth in this Title. Establishes, as an independent instrumentality within the Department of Commerce, the Standards for Product Liability Tort Law Review Panel to review State product liability legislation, to determine whether such legislation is in accordance with the basic standards. Declares that such State legislation will be deemed to be in accordance with such basic standards, and hence an "Approved State Plan," if the Review Panel determines that such legislation provides for: (1) a product liability cause of action; (2) a statute of limitations; (3) a state of the art defense; (4) court appointment of expert witnesses; (5) comparative responsibility; and (6) the treatment of workplace injuries in accordance with this Title. States that the product liability cause of action provided by this Title shall be in lieu of all existing causes of action for damage as a result of bodily injury caused by a product. Sets forth the procedure whereby the Review Panel shall examine product liability legislation certified to it by the chief executive officer of a State. Declares that the Review Panel shall determine that a certified State plan is in accordance with the basic standards only if such plan is in compliance with all the provisions set forth in this Title. Subjects a declaration by the Review Panel that a State plan is not in accordance with the basic standards, to judicial review in the United States courts of appeals. States that if the Review Panel declares that a State does not have an approved State plan, an alternative plan for product liability, under which the product liability cause of action shall be in lieu of all existing causes of action for damages resulting from both bodily injury and injury to property caused by a product, shall take effect in that State. Stipulates that this Title is not a grant of Federal jurisdiction over actions for product liability benefits. Title III: Internal Revenue Code Amendments - Product Liability Tax Assistance Act - Amends the Internal Revenue Code to allow an income tax deduction for amounts contributed to a product liability trust, up to the fair market value of product liability insurance for the taxpayer. Sets forth the requirements such a product liability trust must meet to be tax-exempt. Includes distributions from such a trust other than for payment of product liability claims in the recipient's gross income. Imposes excise taxes on such trusts for self-dealing, unqualified expenditures, and contributions in excess of the fairmarket value of product liability insurance.
United States · United States Congress · 22 March 1978
Congregate 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 were 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 provision 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 months period prior to the submission of an application for renewed funding.
United States · United States Congress · 22 March 1978
Amends the Home Owners' Loan Act of 1933 to authorize Federal savings and loan associations to invest in cooperative housing. Removes the limitation on the percentage of its assets which a savings and loan association may invest in the following: (1) commercial real estate loans; (2) loans for home improvement and mobile homes; and (3) State and local government bonds to raise revenue for the rehabilitation, financing, or construction of residential real estate.
United States · United States Congress · 22 March 1978
Authorizes and requests the President to designate the week of June 4, 1978 as "National Neighborhood Week."