United States · United States Congress · 16 March 1978
Expresses the condemnation of the House of Representatives of the kidnapping of Aldo Moro. Declares it the sense of the House of Representatives that (1) Italy deserves the support of the United States, and (2) the President should instruct the Permanent Representative to the United Nations to press for consideration of solutions to the problem of terrorism in all appropriate forums.
United States · United States Congress · 14 March 1978
Amends the Education of the Handicapped Act to: (1) change the formula for determining maximum State entitlement for the education of handicapped children under such Act; and (2) provide an alternative procedure for meeting the eligibility requirements for such entitlement in a State whose laws prohibit the general supervision required under such Act.
United States · United States Congress · 14 March 1978
Expresses the condemnation by the Congress of the March 11, 1978, attack on Israel by the Palestine Liberation Organization, and the expressed intention of the PLO to continue such attacks and to disrupt the peace efforts between Israel and Egypt. Requests the President to make the disapproval of the Congress known to governments approving the PLO attack. Expresses Congressional approval of the peace efforts between Israel and Egypt. Urges other Middle East countries to join such efforts. Declares negotiation to be the best way to bring peace to the Middle East.
United States · United States Congress · 10 March 1978
Amends the Bank Holding Company Act of 1956 to prohibit bank holding companies and their subsidiaries from selling property and casualty insurance as principals, agents, or brokers.
United States · United States Congress · 9 March 1978
Title I: Amendments to Small Business Administration Disaster Loan Authority - Amends the Small Business Act to authorize the Small Business Administration to make physical disaster loans to cover losses during the period beginning July 1, 1976, and ending October 1, 1982, at a five percent rate of interest. Authorizes the Administrator of the Small Business Administration to make and issue notes to the Secretary of the Treasury for the purpose of obtaining funds necessary for discharging obligations under the disaster loan revolving fund created by the Small Business Act. Title II: Authorizations and Limitations - Authorizes funds for the small business development center program through fiscal year 1982. Title III: Management and Technical Assistance - Authorizes the Administration to make a grant to any State or local government, development credit corporation, land-grant college, or specified school for small business oriented employment or natural resources development programs including research, counseling, and technical assistance provided that an additional amount equal to the amount of such grant is from a source other than the Federal Government. Title IV: White House Conference on Small Business - Directs the President to call a White House Conference on Small business to be conducted by the National Conference Planning Council on Small Business established by this Act. Title V: Miscellaneous Admendments - Amends the Small Business Investment Act of 1958 to permit the investment of pollution control revolving fund moneys which are not needed for the payment of claims or current operating expenses. Amends the Small Business Act to direct the Small Business Administration to send to Congress any budget estimate or request, any legislative recommendations or testimony, or comment on legislation which it submits to the President or the Office of Management and Budget.
United States · United States Congress · 9 March 1978
National Credit Union Central Liquidity Facility Act - Establishes the National Credit Union Central Liquidity Facility to provide funds to meet the liquidity needs of credit unions. Vests management of the Facility in the National Credit Union Administration. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having par value of $50 each. Entitles any member of the Facility to apply on a form prescribed by regulations for advances. Authorizes the Administration to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to lend the Facility up to $500,000,000 to enable it to meet the obligations arising under this Act. Directs the Administration to prepare and submit to the President and to the Congress annually a full report on the activities of the Facility for the previous year. Directs the Comptroller General to audit the Central Liquidity Facility.
United States · United States Congress · 6 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 · 6 March 1978
National Credit Union Central Liquidity Facility Act - Establishes the National Credit Union Central Liquidity Facility to provide funds to meet the liquidity needs of credit unions. Vests management of the Facility in the National Credit Union Administration. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having par value of $50 each. Entitles any member of the Facility to apply on a form prescribed by regulations for advances. Authorizes the Administration to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to lend the Facility up to $500,000,000 to enable it to meet the obligations arising under this Act. Directs the Administration to prepare and submit to the President and to the Congress annually a full report on the activities of the Facility for the previous year. Directs the Comptroller General to audit the Central Liquidity Facility.
United States · United States Congress · 6 March 1978
National Credit Union Central Liquidity Facility Act - Establishes the National Credit Union Central Liquidity Facility to provide funds to meet the liquidity needs of credit unions. Vests management of the Facility in the National Credit Union Administration. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having par value of $50 each. Entitles any member of the Facility to apply on a form prescribed by regulations for advances. Authorizes the Administration to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to lend the Facility up to $500,000,000 to enable it to meet the obligations arising under this Act. Directs the Administration to prepare and submit to the President and to the Congress annually a full report on the activities of the Facility for the previous year. Directs the Comptroller General to audit the Central Liquidity Facility.
United States · United States Congress · 2 March 1978
Urban Lending Act - Amends the Home Owners' Loan Act of 1933 to remove restrictions on the amounts which a Federal savings and loan association may invest in loans for residential construction and rehabilitation. Authorizes such an institution to invest not more than five percent of its assets in, or interest in real property in a geographical area of a neighborhood receiving concentrated development assistance from a local government under title I of the Housing and Community Development Act of 1974. Permits an association whose general reserves, surplus, and undivided profits aggregate a sum in excess of five percent of its withdrawable accounts to invest in obligations of its home State and political subdivisions thereof, if such investment is prudent.
United States · United States Congress · 2 March 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 · 1 March 1978
Expresses Congressional disapproval of the Presidents denial of import relief to the metal fasteners manufacturing industry transmitted to Congress on February 10, 1978.
United States · United States Congress · 1 March 1978
Expresses the sense of the Congress that any right to, title to, or interest in the property of the United States Government agencies in the Panama Canal Zone or any real property and improvements thereon located in the zone should not be conveyed, relinquished, or otherwise disposed of to any foreign government without specific authorization of such conveyance, relinquishment, or other disposition by any Act of Congress.
United States · United States Congress · 23 February 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 · 22 February 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 · 21 February 1978
Authorizes the Board of Regents of the Smithsonian Institution to acquire the Museum of African Art. Establishes a Commission for the Museum of African Art to assist the Board in the operation and development of the Museum. Authorizes appropriations to carry out the purposes of this Act.
United States · United States Congress · 16 February 1978
Permits the Governor of any State with jurisdiction to establish a disaster area Recovery Planning Council to contract the performance of Council functions to any Federal agency, State agency, or private nonprofit organization receiving Federal funds, which has economic development functions.
United States · United States Congress · 9 February 1978
International Banking Act - Amends the Federal Reserve Act to permit foreign banks to establish and operate Federal branches in any State in which it is not prohibited for a foreign bank to establish such a branch upon receipt of approval from the Comptroller of the Currency. Sets forth considerations which the Comptroller must take into account in determining whether to permit foreign banks to operate under this Act. Permits the Comptroller, in his discretion, to waive specified citizenship requirements with respect to directors of associations which are subsidiaries or affiliates of foreign banks. Permits a foreign bank, with the approval of the Comptroller, to convert any branch operated pursuant to State law into a Federal branch and to establish and operate additional branches in the State in which it is operating. Terminates the authority to operate a Federal branch when (1) the parent bank voluntarily relinquishes it; (2) the parent bank is dissolved; (3) the Comptroller has reasonable cause to believe that a foreign bank has not complied with the provisions of this Act and revokes the authority to operate a Federal branch; or (4) when a conservator is appointed for such foreign bank. Prevents a foreign bank from operating a branch, commercial lending company subsidiary, or subsidiary bank outside its home state unless approval has been given by the appropriate authority. Amends the Federal Deposit Insurance Act to prohibit any branch from accepting deposits of United States citizens, residents, or businesses whose principal place of business is in the United State unless the branch maintains a surety bond or pledge of assets with the Federal Deposit Insurance Corporation. Sets forth the assets which foreign banks are required to keep or deposit before the Federal branch may accept deposits of United States residents or businesses. Imposes upon Federal branches and agencies the reporting, reserve, and examination requirements applicable to member banks. Authorizes the Federal Reserve Board to impose on any branch or agency or commercial lending company controlled by one or more foreign banks any reserve requirement the Board has authority to impose on Federal branches and agencies. Authorizes deposit, discount, and borrowing privileges on the part of branches, agencies and commercial lending companies maintaining such reserves. Authorizes the Board to require submission of examination reports on foreign bank branches, agencies and commercial lending companies, by State banking authorities. Requires the Board to report to the appropriate committees of Congress its recommendations with respect to the implementation of this Act, within two years of enactment. Prohibits foreign banks from retaining interests in non-banking companies or from participating in non-banking activities with specified exceptions. Requires the Secretary of the Treasury (1) to issue guidelines with respect to the entry of foreign banking organizations into banking in the United States; and (2) to assist Federal and State banking agencies in acting on applications for the establishment of branches by foreign banks. Requires each foreign bank that maintains an office other than a branch in a State to register with the Secretary of the Treasury. Makes provisions for the enforcement of this Act.
United States · United States Congress · 9 February 1978
Amends the Internal Revenue Code to provide graduted income tax rates for corporations with a maximum rate of 45 percent on income in excess of $150,000 and a minimum rate of 18 percent on income not in excess of $25,000.
United States · United States Congress · 6 February 1978
National Credit Union Central Liquidity Facility Act - Establishes the National Credit Union Central Liquidity Facility to provide funds to meet the liquidity needs of credit unions. Vests management of the Facility in the National Credit Union Administration. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having par value of $50 each. Entitles any member of the Facility to apply on a form prescribed by regulations for advances. Authorizes the Administration to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to lend the Facility up to $500,000,000 to enable it to meet the obligations arising under this Act. Directs the Administration to prepare and submit to the President and to the Congress annually a full report on the activities of the Facility for the previous year. Directs the Comptroller General to audit the Central Liquidity Facility.
United States · United States Congress · 6 February 1978
National Credit Union Central Liquidity Facility Act - Establishes the National Credit Union Central Liquidity Facility to provide funds to meet the liquidity needs of credit unions. Vests management of the Facility in the National Credit Union Administration. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having par value of $50 each. Entitles any member of the Facility to apply on a form prescribed by regulations for advances. Authorizes the Administration to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to lend the Facility up to $500,000,000 to enable it to meet the obligations arising under this Act. Directs the Administration to prepare and submit to the President and to the Congress annually a full report on the activities of the Facility for the previous year. Directs the Comptroller General to audit the Central Liquidity Facility.
United States · United States Congress · 2 February 1978
Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act and the Internal Revenue Code to reduce tax rates below the level established by the Social Security Amendments of 1977 on employment income for both employers and employees and on self-employment income. Increases Federal contributions to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund established under Title XVIII (Medicare) of the Social Security Act by 50 percent. Increases the ceiling on the amount of income that is subject to social security taxation to $100,000 in 1979.
United States · United States Congress · 1 February 1978
Veterans' and Survivors' Pension Improvement Act - Title I: Amendments to Pension Program for Non-service-connected Disability or Death - Revises the list of specified catagories of payments excluded from the determination of annual income for benefit payment purposes. Requires persons applying for a non-service-connected disability pension to report the income and estate of each spouse and child on account of whom added pension is applied for or received. Sets increased flat pension and aid-and-attendance allowance rates, reduced by the amount of a veteran's annual income, and in specified instances, by the amount of a spouse's or child's income which is reasonably available to or for such veteran. Sets increased flat benefit rates, with similar reductions, for the surviving spouses and children of such veterans. Requires annual adjustments in such pension and benefit rates in conjunction with cost-of-living increases in Social Security benefits. Title II: Miscellaneous Provisions and Effective Dates - Sets the effective dates for provisions of this Act.
United States · United States Congress · 1 February 1978
Small Business Capital, Investment, and Business Opportunity Act - Title I: Amendments of the Small Business Investment Act of 1958 - States that the interest rate on loans guaranteed by the Small Business Administration (SBA) to small business investment companies shall be three percent per annum. Authorizes the Small Business Administration to guarantee up to 75 percent of the funds advanced by small business investment companies to start small business concerns. Limits such guarantees to not more than 20 percent of the private paid-in capital of the small business investment company. Makes the Associate Administrator for Investment of the SBA responsible for the administration of the small business investment program and removes any other duties. Title II: Amendments to the Securities Act of 1933 - Amends the Securities Act of 1933 to permit the sale of restricted securities without registration under specified circumstances. Requires issuers to report only material information with respect to transactions not involving any public offering. Title III: Amendment of the Employee Retirement Income Security Act of 1974 - Amends the Employee Retirement Income Security Act to provide that the prudence requirement under such Act is not violated solely by an investment in a small business, provided investments of this nature do not exceed in value five percent of the market value of all assets in a defined benefit plan fund. Title IV: Tax Provisions - Increases the surtax exemption from tax on the income of a corporation for any taxable year to $100,000. States that the gain from the sale of an interest in a small concern qualifies as a non-taxable exchange provided such gain is reinvested within 18 months of the sale in another eligible small concern. Repeals the amendments pertaining to qualified stock options under section 442 of the Code as enacted by the Tax Reform Act of 1976 and reinstates the former law. Changes the allowable deduction for any taxable year with respect to the issuance of small business stock. Makes small business investment companies eligible to be shareholders of subchapter S corporations. Provides for reserves for losses on equity investments of small business investment companies.
United States · United States Congress · 15 December 1977
Confers jurisdiction on the appropriate district courts of the United States to hear any tort claims filed by specified survivors of three members of the United States Army killed in a truck accident in the Panama Canal Zone.
United States · United States Congress · 15 December 1977
Amends the Woodrow Wilson Memorial Act of 1968 to establish a Hubert H. Humphrey Fellowship in Social and Political Thought at the Woodrow Wilson International Center for Scholars at the Smithsonian Institution. Establishes the Hubert H. Humphrey Fellowship Trust Fund in the Treasury.
United States · United States Congress · 1 December 1977
Truth in Lending Simplification Act - Amends the Truth in Lending Act to exempt transactions involving extensions of credit for agricultural purposes. Defines the finance charge as the sum of all charges imposed upon and payable by the consumer for the extension of credit. Requires the itemizing of finance charges except in the case of the sale of a dwelling or a consumer loan secured by a first lien. 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 in connection 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. Redefines the disclosure requirements to comply with the provisions of this Act.
United States · United States Congress · 29 November 1977
Waives the time limitations of the Tariff Act of 1930 and permits a certain corporation to file a protest with the United States Customs Service concerning the overpayment of customs duties on certain goods.
United States · United States Congress · 3 November 1977
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 · 1 November 1977
Amends Title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to provide that an individual with twenty years of work covered by such title may qualify for disability insurance benefits without regard to when the work was performed.
United States · United States Congress · 1 November 1977
Amends Title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to reduce from five to two years the amount of time an individual must have held employment covered by such title within a specified ten year period in order to qualify for disability insurance benefits.
United States · United States Congress · 27 October 1977
Declares that there be no reduction of customs duties on textile, apparel, or fiber products and that such products be excluded from the current Tokyo Round of Multilateral Trade Negotiations in Geneva.
United States · United States Congress · 25 October 1977
Amends the National Gas Act to prohibit the issuance of certificates for the construction or extension of a liquefied natural gas facility unless the Governor and the legislature of the affected State has approved such facility in writing.
United States · United States Congress · 17 October 1977
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 and the Federal Deposit Insurance Act to prohibit member banks and State nonmember banks from making loans to specified insiders where the amount of such loan, when aggregated with the amount of all other loans then outstanding by such bank to such insider, would exceed 50 percent of the limits on loans to a single borrower established by the Federal Reserve Act. Amends the National Housing Act to grant 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. 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 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 officers and directors for breach of judiciary duty, which is defined as personal dishonesty or continuing disregard for the safety of the institution. 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 located in the same metropolitan area, savings loan associations, insurance companies, title companies, companies which appraise real property, and companies which close real estate transactions. 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. Permits any person who is operating as a management official and whose activity was not in violation of this Act at the beginning of such service, to continue to serve in that position for a period not to exceed 15 months. States that a violation of this Title constitutes a violation of the Clayton Act. Charges the Antitrust Division of the Department of Justice with investigations of possible violations. 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). Permits such bank to acquire evidence of ownership in any foreign bank with such consent. 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. Subjects performance of any bank services for a bank which is examined by a Federal supervisory agency to regulation by such agency. Requires such bank to notify such agency of the service relationship. Title IV: Conflicts of Interest - Depository Institutions Conflict of Interest Act - Amends the Federal Reserve Act to provide for the appointment by the President of the Senate, of a chairman and a vice chairman of the Federal Reserve Board. 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 of affiliate. States that the Chairman of the Board of Governors of the Federal Reserve System shall be paid a salary at the Level I or Cabinet level and the remaining members shall be compensated at the Level III rate. Title V: Credit Union Restructuring - Amends the Federal Credit Union Act to place the National Credit Union Administration under the management of a National Credit Union Administration Board. Directs the Chairperson of such Board to be the spokesperson of the Board and to represent the Board and the National Credit Union Administration in its official relations with other branches of the 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 authorize the Federal Deposit Insurance Corporation, with consultation with the Board of Governors of the Federal Reserve System and the Comptroller of the Currency, to approve or deny in advance any change in control of any bank insured under this Act. Sets forth the procedure for such approvals or denials. Disallows approval if the change would create a monopoly, lessen competition, threaten the safety of the institution, or if the management capability of the applicant is not sound. Subjects the stock of all insured banks to the margin requirements established pursuant to the Securities Act of 1934. Requires insured banks to fully disclose bank stock loans to the Federal Deposit Insurance Corporation. Sets forth civil penalties for violations of this Title. Title VII: Change in Savings and Loan Control Act - Amends the National Housing Act to authorize the Federal Deposit Insurance Corporation to approve or deny in advance any change in control of any savings and loan association. Sets forth the procedure for such approvals or denials. Subjects the stock of all insured institutions to the margin requirements established pursuant to the Securities Act of 1934. Requires insured institutions to fully disclose bank stock loans to the Federal Deposit Insurance Corporation. Sets forth civil penalties for violations of this Title. Title VIII: Correspondent Accounts - Amends the Federal Deposit Insurance Act to direct each appropriate banking agency to study and report to Congress various aspects of interbank accounts. Title IX: Disclosure of Material Facts - Amends the Federal Deposit Insurance Act to require banks to include the following (in addition to other items) in at least one report of condition filed annually: (1) a list of all stockholders of record owning five percent or more of the stock of the institution; (2) a list by name of each insider, his maximum amount of indebtedness during such period, his outstanding amount of indebtedness, the range of interest rates charged on such indebtedness and the terms and conditions of such indebtedness; and (3) a list of the dollar amount of loans classified substandard, doubtful, and loss at the last examination of the bank. Title X: Financial Institutions Examination Council - Federal Bank Examination Council Act - Establishes the Bank Examination Council which shall 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. Authorizes the Comptroller of the Currency, upon the request of the Board of Governors of the Federal Reserve System, to examine foreign operations of State member banks. Title XI: Right to Financial Privacy - Right to Financial Privacy Act - Prohibits any Federal Agency or employee, or any State of local government, 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; or (4) such records are disclosed in response to a judicial subpena. States that no depository institution may provide to a Federal agency or employee, or to any State or local government, copies of or the information contained in the financial records of any customer except in accordance with the requirements of this Act. Requires that any depository institution which operates a customer bank communications terminal establish precautions which prevent unauthorized access to, or use of, the terminal and disclosure to unauthorized parties. 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: (1) 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; (2) a residential housing investment quota; and (3) such conditions of the Federal Home Loan Bank Board may prescribe. Establishes a five year shared risk program in the event that a converting institution fails. Title XIII: Holding Companies - Grants cease and desist and removal authority to the Board of Governors of the Federal Reserve System with respect to bank holding companies and to the Federal Home Loan Bank Board with respect to savings and loan holding companies. Sets forth civil penalties for violations of the Bank Holding Company Act. Eliminates the exemption for agricultural, labor, and horticultural organizations under the Bank Holding Company Act. Permits the waiver of the 30 day notice requirement for acquisitions of banks by bank holding companies when the action would facilitate the acquisition of a failing bank. 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 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 of 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 where such agency finds that 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. Gives the Department of Justice an independent right to seek a court injunction for any violation of this Act. Gives the district courts of the United States jurisdiction to prevent and restrain violations of this Act. Restricts standards for the entry of bank holding companies into bank related activities by requiring that such companies may not enter into such activities unless they are so closely and directly related to banking or managing or controlling banks that they are considered a proper and necessary incident thereto. Requires that such activity be likely to produce substantial benefits to the public which clearly and significantly outweigh possible adverse affects. Allows a bank holding company to continue specified activities so long as it has continuously engaged in those activities. 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: Effective Date - States that this Act shall take effect 120 days after enactment.
United States · United States Congress · 6 October 1977
Amends the Local Public Works Capital Development and Investment Act of 1976 to authorize the Secretary of Commerce to make grants to certain cities or townships for construction of local public works projects. Sets forth limitations on the amount of such grants. Authorizes the appropriation of $196,927,000 to carry out this Act.
United States · United States Congress · 4 October 1977
Amends the Internal Revenue Code to extend the income tax exclusion for political organizations' fund raising events to proceeds from gambling activities where the wagers are placed, the winners determined, and the prices distributed in the presence of all the players.
United States · United States Congress · 29 September 1977
Authorizes the Secretary of Health, Education, and Welfare to (1) make loans to certain cities and counties for the establishment and initial operating costs of clinics for the spaying and neutering of dogs and cats, and (2) make grants for the establishment of courses to train paraprofessionals in the anaesthetising and spaying and neutering of dogs and cats. Authorizes appropriations to carry out the purposes of this Act.
United States · United States Congress · 27 September 1977
Declares that the President should establish a Commission on Domestic and International Hunger and Malnutrition which should: (1) collect and generate information and resources on food, hunger, malnutrition and related concerns; (2) assess current programs affecting domestic and international hunger and malnutrition; (3) analyze and report its findings and recommendations to the President, the Congress, and the public; and (4) assist the President and the Congress in implementing its recommendations.
United States · United States Congress · 16 September 1977
Provides for the arbitration of disputes between the Postal Service and recognized organizations of Postal Service managerial personnel other than officers, postmasters, and employees engaged in personnel work in Postal Service headquarters. Identifies as subject to arbitration under this Act issues relating to pay policies, fringe benefits, and the determination of whether or not a matter is subject to participation by such organization. Establishes an arbitration board to consider a dispute upon the request of the Postal Service or such recognized organization.
United States · United States Congress · 15 September 1977
Provides for the arbitration of disputes between the Postal Service and recognized organizations of Postal Service managerial personnel other than officers, postmasters, and employees engaged in personnel work in Postal Service headquarters. Identifies as subject to arbitration under this Act issues relating to pay policies, fringe benefits, and the determination of whether or not a matter is subject to participation by such organization. Establishes an arbitration board to consider a dispute upon the request of the Postal Service or such recognized organization.
United States · United States Congress · 14 September 1977
Title I: Amendments to the National Banking Laws - Makes changes with respect to the following: (1) the power of national banks to purchases, hold, and convey real property; (2) the trust powers of national banks; and (3) the emergency restrictions on Federal Reserve banks. Title II: 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.
United States · United States Congress · 13 September 1977
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 and the Federal Deposit Insurance Act to prohibit member banks and State nonmember banks from making loans to specified insiders where the amount of such loan, when aggregated with the amount of all other loans then outstanding by such bank to such insider, would exceed 50 percent of the limits on loans to a single borrower established by the Federal Reserve Act. Amends the National Housing Act to grant 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. 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 other persons participating in the affairs of a financial institution (as well as against the institution itself as is allowed 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 officers and directors for breach of fiduciary duty, which is defined as personal dishonesty, gross negligence, or continuing disregard for the safety of the institution. 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 depository institutions located in the same metropolitan area, savings loan associations, insurance companies, title companies, companies which appraise real property, and companies which close real estate transactions. 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. Permits any person who is operating as a management official and whose activity was not in violation of this Act at the beginning of such service to continue to serve in that position for a period not to exceed 15 months. 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). Permits such a bank to acquire evidence of ownership in any foreign bank with such consent. 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 termination of 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. Subjects performance of any bank services for a bank which is examined by a Federal supervisory agency to regulation by such agency. Requires such a bank to notify such agency of the service relationship. Title IV: Conflicts of Interest - Depository Institutions Conflict of Interest Act - Amends the Federal Reserve Act to provide for the appointment by the President of the Senate of a chairman and a vice chairman of the Federal Reserve Board. 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 of an affiliate. States that the Chairman of the Board of Governors of the Federal Reserve System shall be paid a salary at the Level I or Cabinet level and the remaining members shall be compensated at the Level III rate. Title V: Credit Union Restructuring - Amends the Federal Credit Union Act to establish in the executive branch of the Government an independent agency to be known as the National Credit Union Administration. Places the Administration under the management of a National Credit Union Administration Board. Directs the chairperson of such Board to be the spokesperson of the Board and to represent the Board and the National Credit Union Administration in its official relations with other branches of the 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 authorize the Federal Deposit Insurance Corporation, with consultation with the Board of Governors of the Federal Reserve System and the Controller of the Currency, to approve or deny in advance any change in control of any bank insured under this Act. Sets forth the procedure for such approvals or denials. Disallows approval if the change would create a monopoly, lessen competition threaten the safety of the institution or if the management capability of the applicant is not sound. Subjects the stock of all insured banks to the margin requirements established pursuant to the Securities Act of 1934. Requires insured banks to fully disclose bank stock loans to the Federal Deposit Insurance Corporation. Sets forth civil penalties for violations of this Title. Title VII: Change in Savings and Loan Control Act - Amends the National Housing Act to authorize the Federal Deposit Insurance Corporation to approve or deny in advance any change in control of any savings and loan association. Sets forth the procedure for such approvals or denials. Subjects the stock of all insured institutions to the margin requirements established pursuant to the Securities Act of 1934. Requires insured institutions to fully disclose bank stock loans to the Federal Deposit Insurance Corporation. Sets forth civil penalties for violations of this Title. Title VIII: Extensions of Credit and Correspondent Balances - Prohibits the extension of loans to officers, directors and specified stockholders of banks which maintain correspondent accounts with the lending bank. Prohibits the establishment of a correspondent account where a loan to an insider already exists. Title IX: Disclosure of Material Facts - Amends the Federal Deposit Insurance Act to require banks to include the following in at least one report of condition filed annually: (1) a list of all stockholders of record owning five percent or more of the stock of the institution: (2) a list of the aggregate dollar amount of all extensions of credit to each insider; and (3) a list of the dollar amount of loans classified substandard, doubtful, and loss at the last examination of the bank. Title X: Financial Institutions Examination Council - Financial Institutions Examination Council Act - Establishes a Financial Institutions 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. Authorizes the Comptroller of the Currency, upon the request of the Board of Governors of the Federal Reserve System, to examine foreign operations of State member banks. Title XI: Right to Financial Privacy - Right to Financial Privacy Act - Prohibits any Federal Agency or employee, or any State of local government, from obtaining copies of, access to, or the information contained in the financial records of any customer from a financial institution unless such record 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 subpoena or summons; (3) such records are disclosed in response to a court order; or (4) such records are disclosed in response to a judicial subpoena. States that no depository institution may provide to a Federal agency or employee, or to any State or local government, copies of or the information contained in the financial records of any customer except in accordance with the requirements of this Act. Requires that any depository institution which operates a customer bank communications terminal establish precautions which prevent unauthorized access to, or use of, the terminal and disclosure to unauthorized parties. Sets forth provisions governing customer authorization, administrative subpoenas and summons, and judicial subpoenas. 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 - Grants cease and desist and removal authority to the Board of Governors of the Federal Reserve System with respect to bank holding companies and to the Federal Home Loan Bank Board with respect to savings and loan holding companies. Sets forth civil penalties for violations of the Bank Holding Company Act. Eliminates the exemption for agricultural, labor, and horticultural organizations under the Bank Holding Company Act. Permits the waiver of the 30-day notice requirement for acquisitions of banks by bank holding companies when a waiver would facilitate the acquisition of a failing bank. 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 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 of 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 where such agency finds that 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. Gives the Department of Justice an independent right to seek a court injunction for any violation of this Act. Gives the district courts of the United States jurisdiction to prevent and restrain violations of this Act. Restricts standards for the entry of bank holding companies into bank-related activities by requiring that such companies may not enter into such activities unless they are so closely and directly related to banking or managing or controlling banks that they are considered a proper and necessary incident thereto. Requires that such activity be likely to produce substantial benefits to the public which clearly and significantly outweigh possible adverse affects. Allows a bank holding company to continue specified activities so long as it has continuously engaged in those activities. 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 for 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 hereunder. Title XIV: Effective Date - States that this Act shall take effect 120 days after enactment.
United States · United States Congress · 9 September 1977
Amends the Regional Rail Reorganization Act of 1973 to authorize the Secretary of Transportation to guarantee securities and obligations issued by a railroad in reorganization to State and local taxing authorities to secure the railroad's tax obligations when the Consolidated Rail Corporation, the United States Railway Association, or the Federal Government asserts a superior interest in payment out of the estate of such railroad during reorganization or liquidation proceedings under the Bankruptcy Act. Directs the Secretary, if sufficient funds are unavailable to discharge such guarantees, to issue notes or other obligations to the Secretary of the Treasury. Authorizes the Secretary of the Treasury to sell such olbigations. Authorizes appropriations in such amounts as may be necessary to discharge all of the Secretary of Transportation's obligations under this Act.
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