United States · United States Congress · 22 July 1976
National Consumer Cooperative Bank Act - Title I: National Consumer Cooperative Bank - Sets forth the findings of Congress that there is a need for the establishment of a National Consumer Cooperative Bank and a Cooperative Bank and Assistance Administration which will make available necessary financial and technical assistance to cooperative self-help endeavors as a means of strengthening the Nation's economy. Establishes the National Consumer Cooperative Bank. States that the Bank shall: (1) encourage the development of new and existing cooperatives eligible for its assistance by providing specialized credit and technical assistance; (2) maintain broad-based control of the Bank by its voting stockholders; (3) encourage broad-based ownership, control and active participation by members in eligible cooperatives; (4) assure that the net savings from its operations and the operations of borrowers from the Bank, are made available or accounted for to the stockholders or members of the cooperative organization; and (5) assist in improving the quality and availability of goods and services to consumers. Authorizes the creation of no less than four nor more than twelve corporate regional banks. States that the Bank shall have the power to make and service loans, commitments for credit, guarantees, furnish financially related services, technical assistance, and issue obligations. Enumerates additional powers necessary to carry out its powers and duties under this Act. Authorizes appropriations of $250,000,000 per year for the United States to purchase class A preferred stock of the Bank. Requires the Bank to hold an annual meeting of stockholders. Permits the Bank to obtain funds through the public or private sale of its bonds, debentures, notes, and other evidences of indebtedness. Authorizes the Bank to make loans to eligible organizations which shall be repayable in not more than forty years. States that the objective of the Bank shall be to provide the type of credit needed by eligible borrowers, at the lowest reasonable cost on a sound business basis, taking into account the cost of money to the Bank. Defines "eligible cooperatives" for purposes of assistance under this title as an organization chartered or operated on a cooperative, not for profit basis for producing or furnishing goods, services, facilities, or financing, primarily for the benefit of its members or voting stockholders who are ultimate consumers, if it meets specified criteria, or any other institution chartered or operated in such a way as to enhance competitive market forces or to reduce the price spread between producers and the ultimate consumers of products or services. Title II: Self-Help Development Fund - Establishes in the Treasury a Consumer Cooperative Self-Help Development Fund. Authorizes appropriations of $250,000,000 to be deposited in the Fund. Permits the Cooperative Bank and Assistance Administration to make a capital investment advance out of the Fund to any eligible cooperative if the Administration determines that the applicant's initial or supplemental capital requirements exceed its ability to obtain a Title I loan from the Bank or other sources, and the membership of the applicant consists substantially of low-income persons. Title III: Cooperative Technical Assistance - Directs the Cooperative Bank and Assistance Administration to make available information and services concerning the organization or reorganization of cooperatives to best achieve the objectives of this Act and to best provide the means through which various types of goods, services, and facilities can be made available to members and patrons. States that such assistance may include investigations, surveys, and director and management training and assistance. Authorizes appropriations to the Administration of sums necessary for the administration of this title. Title IV: The Cooperative Bank and Assistance Administration and General Provisions - Establishes the Cooperative Bank and Assistance Administration. Directs the Administration to assure that the objectives of this Act are carried out. States that until the stock of the Bank held by the United States has been fully retired the Bank shall be exempt from any form of taxation. Requires the Administration and the Board to report annually to the appropriate committee of Congress on the activities of the Administration and on the Bank's capital, operations, financial condition, the self-help development fund, and to make recommendations for legistation to improve its services. Authorizes appropriations of sums necessary to carry out the purposes of this Act, in addition to appropriations specifically authorized.
United States · United States Congress · 2 July 1976
Directs the President to proclaim that Valentyn Moroz shall be an honorary citizen of the United States. Urges cooperation in observance of the principles of the Final Act of the Conference on Security and Cooperation in Europe. Expresses the sense of the Congress that the Soviet Union as one of the signators to the Final Act should provide Valentyn Moroz with the opportunity to accept the invitation of Harvard University for the 1976-77 academic year.
United States · United States Congress · 29 June 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
United States · United States Congress · 28 June 1976
Entitles the foreign-built passenger vessel, "Cunard Adventurer," to be documented to engage in the coastwise passenger trade between ports in the State of Hawaii, and to engage in the coastwise passenger trade between ports on the western coast of the United States and specified ports in the State of Hawaii. Conditions such documentation upon the transfer of the ship to any citizen of the United States and compliance with the inspection laws of the United States.
United States · United States Congress · 23 June 1976
National Consumer Cooperative Bank Act - Title I: National Consumer Cooperative Bank - Sets forth the findings of Congress that there is a need for the establishment of a National Consumer Cooperative Bank and a Cooperative Bank and Assistance Administration which will make available necessary financial and technical assistance to cooperative self-help endeavors as a means of strengthening the Nation's economy. Establishes the National Consumer Cooperative Bank. States that the Bank shall: (1) encourage the development of new and existing cooperatives eligible for its assistance by providing specialized credit and technical assistance; (2) maintain broad-based control of the Bank by its voting stockholders; (3) encourage broad-based ownership, control and active participation by members in eligible cooperatives; (4) assure that the net savings from its operations and the operations of borrowers from the Bank, are made available or accounted for to the stockholders or members of the cooperative organization; and (5) assist in improving the quality and availability of goods and services to consumers. Authorizes the creation of no less than four nor more than twelve corporate regional banks. States that the Bank shall have the power to make and service loans, commitments for credit, guarantees, furnish financially related services, technical assistance, and issue obligations. Enumerates additional powers necessary to carry out its powers and duties under this Act. Authorizes appropriations of $250,000,000 per year for the United States to purchase class A preferred stock of the Bank. Requires the Bank to hold an annual meeting of stockholders. Permits the Bank to obtain funds through the public or private sale of its bonds, debentures, notes, and other evidences of indebtedness. Authorizes the Bank to make loans to eligible organizations which shall be repayable in not more than forty years. States that the objective of the Bank shall be to provide the type of credit needed by eligible borrowers, at the lowest reasonable cost on a sound business basis, taking into account the cost of money to the Bank. Defines "eligible cooperatives" for purposes of assistance under this title as an organization chartered or operated on a cooperative, not for profit basis for producing or furnishing goods, services, facilities, or financing, primarily for the benefit of its members or voting stockholders who are ultimate consumers, if it meets specified criteria, or any other institution chartered or operated in such a way as to enhance competitive market forces or to reduce the price spread between producers and the ultimate consumers of products or services. Title II: Self-Help Development Fund - Establishes in the Treasury a Consumer Cooperative Self-Help Development Fund. Authorizes appropriations of $250,000,000 to be deposited in the Fund. Permits the Cooperative Bank and Assistance Administration to make a capital investment advance out of the Fund to any eligible cooperative if the Administration determines that the applicant's initial or supplemental capital requirements exceed its ability to obtain a Title I loan from the Bank or other sources, and the membership of the applicant consists substantially of low-income persons. Title III: Cooperative Technical Assistance - Directs the Cooperative Bank and Assistance Administration to make available information and services concerning the organization or reorganization of cooperatives to best achieve the objectives of this Act and to best provide the means through which various types of goods, services, and facilities can be made available to members and patrons. States that such assistance may include investigations, surveys, and director and management training and assistance. Authorizes appropriations to the Administration of sums necessary for the administration of this title. Title IV: The Cooperative Bank and Assistance Administration and General Provisions - Establishes the Cooperative Bank and Assistance Administration. Directs the Administration to assure that the objectives of this Act are carried out. States that until the stock of the Bank held by the United States has been fully retired the Bank shall be exempt from any form of taxation. Requires the Administration and the Board to report annually to the appropriate committee of Congress on the activities of the Administration and on the Bank's capital, operations, financial condition, the self-help development fund, and to make recommendations for legistation to improve its services. Authorizes appropriations of sums necessary to carry out the purposes of this Act, in addition to appropriations specifically authorized.
United States · United States Congress · 23 June 1976
National Consumer Cooperative Bank Act - Title I: National Consumer Cooperative Bank - Sets forth the findings of Congress that there is a need for the establishment of a National Consumer Cooperative Bank and a Cooperative Bank and Assistance Administration which will make available necessary financial and technical assistance to cooperative self-help endeavors as a means of strengthening the Nation's economy. Establishes the National Consumer Cooperative Bank. States that the Bank shall: (1) encourage the development of new and existing cooperatives eligible for its assistance by providing specialized credit and technical assistance; (2) maintain broad-based control of the Bank by its voting stockholders; (3) encourage broad-based ownership, control and active participation by members in eligible cooperatives; (4) assure that the net savings from its operations and the operations of borrowers from the Bank, are made available or accounted for to the stockholders or members of the cooperative organization; and (5) assist in improving the quality and availability of goods and services to consumers. Authorizes the creation of no less than four nor more than twelve corporate regional banks. States that the Bank shall have the power to make and service loans, commitments for credit, guarantees, furnish financially related services, technical assistance, and issue obligations. Enumerates additional powers necessary to carry out its powers and duties under this Act. Authorizes appropriations of $250,000,000 per year for the United States to purchase class A preferred stock of the Bank. Requires the Bank to hold an annual meeting of stockholders. Permits the Bank to obtain funds through the public or private sale of its bonds, debentures, notes, and other evidences of indebtedness. Authorizes the Bank to make loans to eligible organizations which shall be repayable in not more than forty years. States that the objective of the Bank shall be to provide the type of credit needed by eligible borrowers, at the lowest reasonable cost on a sound business basis, taking into account the cost of money to the Bank. Defines "eligible cooperatives" for purposes of assistance under this title as an organization chartered or operated on a cooperative, not for profit basis for producing or furnishing goods, services, facilities, or financing, primarily for the benefit of its members or voting stockholders who are ultimate consumers, if it meets specified criteria, or any other institution chartered or operated in such a way as to enhance competitive market forces or to reduce the price spread between producers and the ultimate consumers of products or services. Title II: Self-Help Development Fund - Establishes in the Treasury a Consumer Cooperative Self-Help Development Fund. Authorizes appropriations of $250,000,000 to be deposited in the Fund. Permits the Cooperative Bank and Assistance Administration to make a capital investment advance out of the Fund to any eligible cooperative if the Administration determines that the applicant's initial or supplemental capital requirements exceed its ability to obtain a Title I loan from the Bank or other sources, and the membership of the applicant consists substantially of low-income persons. Title III: Cooperative Technical Assistance - Directs the Cooperative Bank and Assistance Administration to make available information and services concerning the organization or reorganization of cooperatives to best achieve the objectives of this Act and to best provide the means through which various types of goods, services, and facilities can be made available to members and patrons. States that such assistance may include investigations, surveys, and director and management training and assistance. Authorizes appropriations to the Administration of sums necessary for the administration of this title. Title IV: The Cooperative Bank and Assistance Administration and General Provisions - Establishes the Cooperative Bank and Assistance Administration. Directs the Administration to assure that the objectives of this Act are carried out. States that until the stock of the Bank held by the United States has been fully retired the Bank shall be exempt from any form of taxation. Requires the Administration and the Board to report annually to the appropriate committee of Congress on the activities of the Administration and on the Bank's capital, operations, financial condition, the self-help development fund, and to make recommendations for legistation to improve its services. Authorizes appropriations of sums necessary to carry out the purposes of this Act, in addition to appropriations specifically authorized.
United States · United States Congress · 18 June 1976
Requires the appointment of an optometrist to the National Professional Standards Review Council and the participation by optometrists in the activities of local professional standards review organizations pursuant to the requirements of Title XI of the Social Security Act.
United States · United States Congress · 16 June 1976
Expresses the sense of the House of Representatives that the United States Postal Service shall not close or suspend the operation of any post offices, unless there is a clear and compelling need to do so. Encourages the service to continue cost-cutting programs which do not affect levels of service.
United States · United States Congress · 10 June 1976
Extends the delimiting period in the case of any eligible veteran who is pursuing, during his or her tenth year of eligibility, a program of education. Terminates such extension on whichever of the following dates first occurs: (1) the date on which the veteran completes, or ceases to pursue, the program he was pursuing in his tenth year of eligibility; or (2) the last day of the 11-year period beginning on the date of his discharge from active duty. (Adds 38 U.S.C. 1662(e))
United States · United States Congress · 2 June 1976
Gold Labeling Act - Requires that the actual fineness of any item made of gold or any of its alloys and sold by manufacturers or importers more than five years after the date of the enactment of this Act must not be less by more than three one-thousandths parts than the fineness indicated by any mark on the item or by its label. States that if such item contains solder or a gold alloy used to join together its pieces, the item assayed as one piece shall not be less, by more than seven one-thousandths parts, than the fineness indicated by its mark.
United States · United States Congress · 1 June 1976
Amends the Tariff Schedules of the United States to repeal the duty imposed on (1) articles assembled abroad with components produced in the United States, and (2) specified metal articles manufactured in the United States and exported for further processing.
United States · United States Congress · 21 May 1976
Modifies the Immigration and Nationality Act provisions which allow the Attorney General to change the status of an alien paroled or inspected and admitted into the United States to that of permanent resident alien by repealing the exclusion to such provisions for natives of Western Hemisphere countries. Exempts from such provisions any alien who accepts unauthorized employment prior to filing an application for status adjustment. Prohibits the employment or referral for employment for a fee of any alien not lawfully admitted to the United States for permanent resident status. Permits the Attorney General after a hearing, to impose civil penalties for the violation of such prohibition and imposes criminal penalties upon those violators who fail to pay such civil penalties. Permits the Attorney General to change to permanent resident status those aliens, and their families, who have unlawfully entered the United States, have continuously remained in the United States since June 30, 1968, and have a specified family relationship with a permanent resident alien or citizen of the United States. Excludes from this provision any alien who ordered or participated in the persecution of any person because of race, religion, national origin, or political opinion. Reguires the Secretary of Health, Education, and Welfare to disclose to the Attorney General the name and address of any alien who has not been lawfully admitted to the United States for permanent residence or is not lawfully residing in the United States and who is receiving assistance under the Social Security Act. Prohibits the making of any appropriation to the Justice Department to carry out functions under the Immigration and Nationality Act beginning with fiscal year 1977, unless such appropriation is specifically authorized by Congress after the enactment of this Act.
United States · United States Congress · 20 May 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
United States · United States Congress · 18 May 1976
International Banking Act - Allows a foreign bank to establish and operate a Federal branch or agency in any State in which it is not prohibited for a foreign bank to establish a branch, upon receipt or certification of authority from the Comptroller of the Currency. Allows the Comptroller to waive the requirement of citizenship in the case of not more than a minority of the total number of directors of a national bank. Requires the Comptroller, in issuing certificates of authority, to consider the effect of the branch on the domestic or foreign commerce, future prospects of the bank, and the needs of the community. Allows a foreign bank to convert any branch operated pursuant to State law into a federally-certified branch to be operated under this Act, with the approval of the Comptroller. Terminates the authority to operate a Federal branch when: (1) the parent bank voluntarily relinquished it; (2) the parent bank is dissolved; or (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. Sets forth the assets which foreign banks are required to keep on deposit before the Federal branch may accept deposits of United States residents or businesses. 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 to issue guidelines with respect to the banking operations of foreign banking organizations in banking in the United States. Requires each foreign bank that maintains an office other than a branch or agency in a State to register with the Secretary of the Treasury.
United States · United States Congress · 12 May 1976
Debt Collection Practices Act - Prohibits debt collectors from harassing or intimidating consumers in connection with the collection or attempted collection of any alleged debt arising from a consumer credit transaction. Sets forth conduct which violates this Act, including the use of violence by a debt collector, and practices used to acquire local information about a debtor which publicize the indebtedness, such as post cards. Limits the communication that the debt collector may have with the consumer in connection with debt collection. Requires that further direct collection efforts cease once the consumer has absolutely refused to pay except that the collector may advise the consumer that the further efforts are being terminated and that there is a possiblity of an attorney invoking the creditor's remedies. Prohibits false or misleading representation or impersonation in connection with the collection of an alleged debt. List unfair practices which a collector is required to avoid, including the acceptance by a debt collector from a consumer of any check or other negotiable instrument that is postdated or the soliciting of such instrument for purposes of threatening criminal action. Prohibits the taking of specified legal actions, such as causing unauthorized service of process, on the part of collectors. Requires that, within five days after the initial communication with a consumer in connection with the collection of any debt, the collector send the consumer a written notice containing specified information, including the name of the creditor, so as to provide the consumer with the opportunity to dispute the validity of the debt. Sets forth civil and criminal penalties for violations of the provisions of this Act. Requires that the Federal Trade Commission and the Attorney General report periodically to Congress concerning administration of their functions under this Act.
United States · United States Congress · 5 May 1976
Amends the Tariff Schedules of the United States to reduce the customs duty for fish netting or fish nets of fabric other than cotton or negitable fibers.
United States · United States Congress · 5 May 1976
Amends the Internal Revenue Code and the Social Security Act to exclude service performed by an individual on a vessel used in catching fish or other marine animal life wherein such individual receives as compensation a portion of such vessel's catch, from the definitions of "employment" and "self-employment" for the purposes of deductions, contributions, and benefits under such Acts. Requires the operator of a vessel employing such individuals to report to the Secretary of the Treasury with respect to the identity of such individuals and their share of the catch.
United States · United States Congress · 30 April 1976
Olympic Winter Games Authorization Act - Directs the Secretary of Commerce to provide grants to the Lake Placid 1980 Olympic Games, Incorporated, at such times, and under such conditions as he considers necessary and appropriate, for assisting in the planning, design, and construction of the necessary winter sports and supporting facilities in connection with the XIII international Olympic winter games. Requires the Secretary to take necessary action to assure that the facilities constructed with Federal assistance will be designed to provide maximum continued public use and benefit following the completion of the 1980 Olympic winter games. Requires the Secretary to submit interim reports to the Congress on the progress of the design and construction of facilities pursuant to this Act, together with any recommendations for further Federal Government involvement to assure a successful staging of such games. Specifies that a final report shall be submitted following completion of the 1980 games. Authorizes appropriations to the Secretary of $49,040,000 for grants and $250,000 for the administration of this Act.
United States · United States Congress · 28 April 1976
Gold Labeling Act - Requires that the actual fineness of any item made of gold or any of its alloys and sold by manufacturers or importers more than five years after the date of the enactment of this Act must not be less by more than three one-thousandths parts than the fineness indicated by any mark on the item or by its label. States that if such item contains solder or a gold alloy used to join together its pieces, the item assayed as one piece shall not be less, by more than seven one-thousandths parts, than the fineness indicated by its mark.
United States · United States Congress · 13 April 1976
Includes as a home health service under title XVIII (Medicare) of the Social Security Act, nutritional counseling provided by or under the supervision of a registered dietitian.
United States · United States Congress · 13 April 1976
International Banking Act - Title I: International Banking - Allows a foreign bank to establish and operate a Federal branch in any State in which it is not prohibited for a foreign bank to establish a branch, upon receipt of certification of authority from the Comptroller of the Currency. Allows the Comptroller to permit one-third of the directors of a national bank to be non-citizens of the United States. Directs the Comptroller to consider the views of the Secretary of State, the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the bank supervisory authority of the State where the branch is to be located in deciding whether to issue certificates of authority to foreign banks to operate under this Act. Prohibits the Comptroller from issuing such certificates if the establishment of the branch would adversely affect the domestic or foreign commerce, or otherwise would not be in the interests of the United States. Allows a foreign bank to convert any branch operated pursuant to State law into a federally-certified branch to be operated under this Act. Terminates the authority to operate a Federal branch when (1) the parent bank voluntarily relinquishes it; (2) the parent bank is dissolved; or (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. Sets forth the assets which foreign banks are required to keep on deposit before the Federal branch may accept deposits of United States residents or businesses. 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.
United States · United States Congress · 13 April 1976
Requests the President to express the concern of the United States Government for the safety and freedom of Valentyn Moroz, historian, writer, and spokesman for the cultural integrity of the Ukrainian people.
United States · United States Congress · 8 April 1976
Increases by $2,500,000,000, the amount authorized to be appropriated for long-term direct loans to nonprofit sponsors for construction of housing for the elderly and the handicapped.
United States · United States Congress · 8 April 1976
Local Public Works Capital Development and Investment Act - Authorizes the Secretary of Commerce, acting through the Economic Development Administration, to make grants to any State or local government for local public works projects, including but not limited to: (1) those public works projects of State and local governments for which Federal financial assistance is authorized under provisions of law other than this Act; and (2) the architectural design, engineering, and related planning of local public works projects. Stipulates that the Federal share of any project for which a grant is made under this Act shall be 100 percent of the cost of such project. Authorizes the Secretary to make an additional grant for the purpose of increasing to 100 percent the Federal contribution to a public works project for which Federal financial assistance is authorized under provisions of law other than this Act. Stipulates that no such grants shall be made for any project which has as its principal purpose the channelization, damming, dredging, or diversion of a natural watercourse, or the enlargement of any canal other than a canal designated as a historic site. Directs the Secretary to prescribe rules, regulations, and procedures necessary to carry out this Act. Lists factors that the Secretary shall consider in accordance with the relative needs of the various sections of the country, with priority consideration to those areas where unemployment exceeds the national average. Stipulates that not less than one-half of one percent nor more than ten percent of all amounts authorized under this title shall be allocated for local public works projects within any one State. Authorizes the appropriation of $2,500,000,000 through fiscal year 1977 in order to carry out this Act.
United States · United States Congress · 7 April 1976
Financial Reform Act - Title I: Credit Unions - Revises the definition of terms used in the Federal Credit Union Act. Changes the application approval guidelines for granting insurance to member accounts. Provides that the par value of shares for Federal credit unions may range from $5 to $25. Expands the loan making power of Federal credit unions to include: (1) residential real estate loans; and (2) loans to finance the purchase of mobile homes. Extends the allowable investment possibilities for Federal credit unions to include obligations of the District of Columbia and several of its territories and possessions. Allows Federal credit unions to deposit funds in any bank or trust company insured by the Federal Deposit Insurance Corporation and in any credit union operating in a foreign country which has been approved by the Department of Defense. Establishes in the executive branch of the Government an independent agency to be known as the National Credit Union Administration. States that the Administration shall be under the management of a National Credit Union Administration Board, consisting of three members appointed by the President by and with the advice and consent of the Senate. Adds a Title III (National Credit Union Administration Discount Fund) to the Federal Credit Union Act. Establishes a National Credit Union Administration Discount Fund within the National Credit Union Administration to provide funds to meet the temporary liquidity needs of credit unions including emergency needs, seasonal needs, and needs arising from local economic dislocations. Provides for the management and capitalization of the such Fund. Enumerates the powers of the Board Administering the National Credit Union Administration Discount Fund including the right: (1) to sue and be sued, complain and defend, in any court of law or equity, State or Federal, and to remove any action from a state to a district court; (2) to prescribe rules and regulations which are necessary and appropriate to carry out the provisions of this title; (3) to issue debentures, bonds or other obligations to the Secretary of the Treasury; and (4) to make deposits in federally insured banks, mutual savings banks, savings and loan associations and credit unions. Provides that any member of the Discount Fund shall be entitled to apply for advances in a prescribed manner and that the Board shall prescribe security upon which the advances shall be made. Describes the obligations of the member of the Discount Fund who receives the advance. Requires that not later than 90 days after the close of each calendar year the Board shall prepare and submit to the President and to the Congress a full report of the activities of the Discount Fund for the previous calendar year. Authorizes to be appropriated such sums as may be necessary to pay the administrative expenses of the Board. Grants tax-exempt status to the Discount Fund. Requires that the Board maintain an integral set of accounts of the Discount Fund which shall be audited by the Government Accounting Office. Makes technical amendments to the Federal Credit Union Act in keeping with this title. Title II: Banks and Savings and Loan Associations - Amends the Home Owners' Loan Act of 1933 to direct the Home Loan Bank Board to cause Federal savings and loan associations to be primarily long-term residential mortgage lenders. Enumerates the investments and dealings which can be made by such associations including: (1) loans secured by or made with respect to or for the acquisition, development, construction, improvement, or alteration of real property which primarily comprises or is to comprise or include one or more homes or dwelling units; (2) permanent financing in connection with any construction or development loan; (3) loans to, or other securities or instruments issued by, or having the benefit of any insurance, guaranty, or assistance of the United States, a State, political subdivision or specified housing programs; and (4) additional consumer, student, construction, and other loans but not to exceed an aggregate amount which exceeds 20 percent of its total investments. Specifies that an association may act as custodian or trustee with respect to any securities issued or guaranteed by a financial insitution the accounts of which are insured by the Federal Savings and Loan Insurance Corporation or issued or guaranteed by an affiliate of one or more of such institution. Provides that one or more associations may establish, maintain, or invest in common funds. Authorizes the Home Loan Bank Board to provide for the organization, incorporation, conversion, examination, operation, and regulation, under such rules, regulations (including definitions of terms used in this Act), or orders as prescribed by this Act. Provides for the conversion of State-chartered mutual banks into Federal savings banks. Authorizes each Federal home loan bank to make advances to financial institutions during any period that the Home Loan Bank Board determines that credit is not readily available upon reasonable terms to prospective purchasers of residential real property. Sets requirements which shall be followed in connection with any such advance. Allows the Board to prescribe rules in this regard. Permits the Board to direct the sale of obligations of Federal home loan banks to the Federal Financing Bank or the Secretary of the Treasury. Amends the Federal Deposit Insurance Act to require periodic reporting of material transactions, including loans and other extensions of credit between any insured bank and its affiliates or any inside director or beneficial holder of more than five percent of the outstanding voting securities. Requires that each insured bank which exercises trust powers shall publicly disclose its practices, procedures, and policies to prevent abuses in connection with conflicts of interests. Establishes a civil penalty of up to $1,000 per day for each day during which specified violations of the Federal Reserve Act occur. Prohibits member banks of the Federal Reserve System from making loans or extensions of credit to any of their officers, directors, or to specified other persons who have an interest in such bank where such loan or extension of credit exceeds the statutory limits on loans to one borrower. Extends such prohibition, under the Federal Deposit Insurance Act, to non-member insured banks. Authorizes the Board of Governors of the Federal Reserve Board, under the Bank Holdings Company Act, to order a bank holding company to terminate activity or ownership or control of any subsidiary when the Board has reason to believe that the continuation of such activity, ownership, or control constitutes a serious risk to the financial safety of the subsidiary. Revises the Federal Deposit Insurance Act to make directors, officers, employees, and agents as well as insured banks subject to cease-and-desist proceedings, and to temporary cease-and-desist orders. Makes procedural changes to be followed with respect to removal of officers or directors. Establishes a civil penalty of up to $21,000 per day for any bank insured under the Federal Deposit Insurance Act or for any officer, director, employee, or agent for such bank who violates the terms of any cease-and-desist proceeding or cease-and-desist order issued pursuant to this Act. Provides for prompt action on any application for acquisitions or merger when such action is necessary to prevent failure of a bank. Makes technical amendments to the Saving's Clause of the Bank Holding Company Act to insure the legality of such immediate action. Makes miscellaneous amendments to the Federal Deposit Insurance Act. Sets forth procedures dealing with the acquisition of foreign branches. Authorizes a State non-member insured bank, under specified restrictions, to acquire and hold stock in banks organized under the law of a foreign country. Reduces from three to two the number of directors required to attest to the validity of a report of condition. Specifies events which shall be assumed to relieve an insured bank of liability for deposits. Limits any claims of a landlord for damages or indemnity for injury from rejection or abandonment of an unexpired lease of real property to an insured bank which has been closed. Amends the Bank Holding Company Act to provide an opportunity for either House of Congress to veto a determination by the Board of Governors of the Federal Reserve System of which activities are so closely related to banking or managing or controlling banks as to be a proper incident thereto, for purposes of this Act. Makes amendments to this Act to prohibit further bank holding company acquisitions of savings and loan associations. Requires that each bank holding company shall have a reasonable member of unaffiliated directors on each of its executive committees. Amends the Truth in Lending Act to require each federally insured bank, institution, and credit union to disclose competitive rates. Title III: Deposit Interest Rates - Establishes the Deposit Interest Rate Control Committee which shall be composed of the Secretary of the Treasury and the Chairmen of the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board. Directs the Committee to so fix and adjust limitations on interest rates as to: (1) provide a reasonable rate of return to the small saver; (2) protect depository institutions from disintermediation; and (3) avoid undue competitive advantages among competing types of depository institutions. Directs the Committee to: (1) prescribe rules limiting the payment and governing the advertisement of interest or dividends on specified deposits and accounts; (2) prescribe different rate limitations for different classes of deposits; (3) prohibit banks or institutions subject to regulation to pay any time deposit before its maturity except under specified conditions; and (4) bring action to enjoin non-insured banks from activities which would constitute a violation of this title. Specifies the allowable interest rate with respect to time and savings deposits. Requires that the Committee submit to Congress an annual report setting forth its actions during the preceding years and a special report at the expiration of its time and saving account authority. Provides civil penalties not to exceed $100 per day for violations of this title. Title IV: Regulatory Agencies - Amends the Home Loan Bank Act to include the qualifications necessary to become a Federal Home Loan bank Board member. Provides for a five year term for members of the Board. Amends the Federal Deposit Insurance Act to include the qualifications necessary to become a member on the Board of Directors of the Federal Deposit Insurance Corporation. Makes amendments as to appropriated funds for expenses of specified regulatory agencies.
United States · United States Congress · 1 April 1976
Amends the Internal Revenue Code to exclude from gross income the interest on series E and H United States saving bonds. Makes technical and conforming amendments.
United States · United States Congress · 1 April 1976
Housing Authorization Act - Increases the authorization of funds for the following programs administered by the Secretary of the Department of Housing and Urban Development (HUD): (1) housing assistance; (2) comprehensive planning; (3) research; and (4) flood insurance. Authorizes an increase in appropriations for HUD's administrative expenses for fiscal year 1977. Increases mortgage limitations under the National Housing Act homeownership assistance programs. Extends assistance under the Emergency Homeowners' Relief Act and the Emergency Home Purchase Assistance Act through fiscal year 1977. Reallocates community development block grant funds under the Housing and Community Development Act. Amends the Flood Disaster Protection Act of 1973 to exempt from provisions of the Act requiring flood insurance, any loan to finance a residence acquired prior to March 1, 1976, or one year following identification of the area where such building is located as a flood hazard area, whichever is later. Sets limitations on the funds available for the Rehabilitation Loan Program of the Housing Act of 1964 for fiscal year 1977. Authorizes appropriations of $500,000,000 to cover losses sustained by the General Insurance Fund under the National Housing Act. Amends the United States Housing Act of 1937 to increase construction and rehabilitation of units in connection with the Housing Assistance Payments Program. Extends the period of assistance payments for low-income housing where the dwelling unit is unoccupied, so long as a good faith effort is made to fill the unit and the unit provides decent, safe, and sanitary housing. Amends the Community Development Act of 1974 to allow the Secretary of Housing and Urban Development to extend discretionary grant funds to specified new community projects. Increases from $800,000,000 to $1,475,000,000 the amount authorized to be appropriated for long-term direct loans to nonprofit sponsors for construction of housing for the elderly and the handicapped. Amends the Housing Act of 1949 to provide that the interest rates for loans for the construction of rural housing shall be determined by the Secretary of the Treasury upon request of the Secretary of the Department of Housing and Urban Development. Amends the National Housing Act to allow the Federal Housing Administration to insure supplemental loans for hospitals. Authorizes the Secretary of Housing and Urban Development to make grants to any State, metropolitan city, or urban county which meets the requirements of a community development program as specified in the Housing and Community Development Act of 1974. Authorizes appropriations of such sums as are necessary to carry out the provisions of this Act. Sets forth allocation requirements with respect to such grants. States that in any calendar quarter, 75 percent shall be allocated to metropolitan cities and urban counties, except that the Secretary may establish such percentage as he deems appropriate in view of unemployment and related factors. Requires that employment data, determined by the Secretary of Labor, shall be utilized to establish the supplementary grant amounts which will be distributed in any calendar quarter. Stipulates that any metropolitan city or urban county which has been allocated supplementary grant assistance shall submit an application which outlines the proposed job intensive use and demonstrates that the use is consistent with the recipient's community development program.
United States · United States Congress · 1 April 1976
Increases by $2,500,000,000, the amount authorized to be appropriated for long-term direct loans to nonprofit sponsors for construction of housing for the elderly and the handicapped.
United States · United States Congress · 1 April 1976
Increases by $2,500,000,000, the amount authorized to be appropriated for long-term direct loans to nonprofit sponsors for construction of housing for the elderly and the handicapped.
United States · United States Congress · 31 March 1976
Federal Reserve Reform Act - Amends the Federal Reserve Act to change the process by which the chairman of the Board of Governors is appointed. States that the chairman will be appointed by the President by and with the advice and consent of the Senate. Provides that the term of the chairman and vice chairman of the Board shall expire upon the expiration of his term as a member of the Board, or six months after the term of the President appointing him is scheduled to expire, or six months after the person appointing him ceases to be the President, whichever occurs first. Changes the enumerated powers of the Federal Reserve banks to include the appointment of a first vice president who will serve a term of five years. Provides for the expiration of the term of the Federal Reserve bank presidents. Requires the Federal Open Market Committee to meet in Washington, D.C. at least four times each year. Provides for the membership of such Committee. States that vacancies in the board of directors of Federal Reserve banks shall be filled without discrimination on the basis of race, sex, or national origin, and with due consideration to the interests of labor, education, and consumers. Requires the Chairman of the Board of Governors of the Federal Reserve System to report to Congress its policies on monetary affairs on a quarterly basis.
United States · United States Congress · 30 March 1976
Electric Utility Rate Reform and Regulatory Improvement Act - Title I: General Provisions -- Declares it the purpose of this Act to reform inequities in the structure of electric utility rates. Title II: Utility Rate Reform - Defines terms as used in this title. Limits applicability of this title to sales of electric energy for purposes other than resale by an electric utility, where sales by such utility for purposes other than resale exceed 200 million kilowatt-hours during the second preceding calendar year. Imposes national minimum standards on utility rate structures, to be enforced by State regulatory authorities. Prohibits rate structures which allow lower rates for increased consumption without a showing that such lower rates actually reflect decreased costs. Eliminates price differentials for residential users of subsistence quantities of electricity, unless the Governor of the State has determined that an adequate alternative means to alleviate the burden to low-income residential consumers has been implemented. Stipulates that promotional and advertising costs may not be treated by a utility as an operating expense for purposes of rate determination. Requires evidentiary hearings by regulatory authorities on proposed rate increases. Limits the amount of actual increases pursuant to an automatic adjustment clause which may become effective without such a hearing. Requires that regulatory authorities annually review existing utility rate schedules. Authorizes State regulatory authorities to prescribe variances upon application by individual electric consumers unduly hardshipped by rate schedules. Directs State authorities to prescribe load management techniques to reduce maximum kilowatt demand on electric utilities. Establishes procedures to be followed in determining marginal costs of service to electric consumers. Establishes an Electric Utility Rate-making Assistance Office in the Federal Energy Administration to provide information and assistance with respect to ratemaking policies and procedures established by this Act. Title III: Economic Regulation of Bulk Power Supply - Amends the Federal Power Act to require that public utilities make new, increased, or retired capacity in bulk power facilities available to others engaged in the sale or transmission of electric energy in the same geographical area. Establishes additional requirements and procedures to insure continuation of service in cases of anticipated deficiencies in the available supplies of electric power. Requires that the Federal Power Commission hold evidentiary hearings on proposed rate increases. Limits the amount of actual increases pursuant to an automatic adjustment clause which may becomes effective without such a hearing. Requires the establishment of an Office of Public Counsel in the Federal Power Commission for the purpose of adequate representation of consumer interests before the Commission. Authorizes the appropriation of $500,000 for fiscal year 1978 and $2,000,000 for fiscal year 1979 to such Office. Authorizes the Commission to pay reasonable fees to certain participants in evidentiary hearings, not to exceed $1,000,000 for all such persons in any fiscal year. Directs the Commission to prescribe minimum standards to assure a reliable supply of electric energy. Requires electric utilities to develop a quality control program to assure compliance with such reliability standards. Directs the Commission, upon consultation with the Federal Trade Commission, to study the desirability and means of increasing competition within the electric utility industry. Directs the Administrator of the Energy Research and Development Administration to conduct a study on the feasibility of generating electricity near the place of consumption. Title IV: Financial Assistance to State Regulatory Authorities - Authorizes the Electric Utility Ratemaking Assistance Office (established by title II of this Act) to make grants to State regulatory authorities for the following purposes: (1) to increase the quantity and quality of State regulatory staff; (2) to establish programs to meet Federal consumer representation requirements; and (3) to demonstrate innovative rate structures. Prescribes criteria on the allotment of funds to the States. Authorizes the appropriation of $30,000,000 in any fiscal year for grants to improve staffing. Authorizes the appropriation of $5,000,000 for grants for consumer representation, and $5,000,000 for grants for rate structure innovation. Title V: Coordination of Planning and Siting of Bulk Power Facilities - Requires that electric utilities which control bulk power facilities prepare an annual long-range plan for the use of each such facility. Establishes areawide planning councils to review such plans and submit area plans for bulk power facilities to the Commission. Directs the Chairman of the Federal Power Commission to supervise the overall approval process for the siting of bulk power facilities. Establishes procedures to assist in coordinating the Federal approval process.
United States · United States Congress · 22 March 1976
Opportunities Industrialization Centers Job Creation and Training Act - States that the purpose of this Act is to provide special authority for the Opportunities Industrialization Centers in order to create and provide job opportunities for specific unemployed persons who were particularly hard hit by the recent economic recession, and to provide opportunities for industry to create additional jobs for the unemployed in rural and urban communities. Authorizes the Secretary of Labor to enter into a contract with Opportunities Industrialization Centers, Incorporated (OIC) in order to provide comprehensive employment services and jobs for unemployed persons. Requires each such contract to contain provisions assuring that specific requirements are complied with, including requirements that (1) special consideration in providing jobs will be given to unemployed persons who are most severely disadvantaged in terms of the length of time they have been unemployed; (2) due consideration will be given to persons who have participated in manpower training programs for whom unemployment opportunities would be otherwise available, and (3) the program will to the maximum extent feasible contribute to the elimination of artificial barriers to employment and occupational advancement. Sets forth special conditions to be met prior to providing financial assistance pursuant to a contract entered into under this Act. Requires the programs to contribute, to the maximum extent feasible, to the occupational development or upward mobility of individual participants. Prohibits the Secretary from providing financial assistance unless he determines that: (1) periodic reports will be submitted to him to measure the effectiveness of the program; (2) there will be no discrimination on the basis of race, creed, color, national origin, sex, political affiliation, or beliefs within the program; and (3) the participants in the program will not be employed in the construction, operation, or maintenance of sectarian religious facilities. Authorizes appropriations to carry out the provisions of this Act of $150,000,000 for fiscal year 1977, $200,000,000 for fiscal year 1978, $300,000,000 for fiscal year 1979, and $350,000,000 for fiscal year 1980.
United States · United States Congress · 18 March 1976
Title I: Amends the Land and Water Conservation Fund Act of 1965 to increase the amount of appropriations authorized under such Act to $300,000,000 for fiscal year 1977, $450,000,000 for fiscal year 1978, $625,000,000 for fiscal year 1979, and $800,000,000 for each fiscal year thereafter through fiscal year 1989. Revises procedures for the apportionment of land and water conservation fund moneys to States by the Secretary of the Interior. Imposes public participation requirements with respect to the preparation of comprehensive statewide outdoor recreation plans. Authorizes Federal financial assistance for the planning and development of sheltered facilities for swimming pools and ice skating rinks, provided specified conditions are met. Title II: Amends the National Historic Preservation Act of 1966 to establish a historic preservation fund in the United States Treasury. Stipulates that $24,400,000 for fiscal year 1977, $75,000,000 annually for fiscal years 1978 and 1979 and $100,000,000 annually for each fiscal year thereafter until fiscal year 1989 be covered into the fund from revenues due and payable to the United States under the Outer Continental Shelf Lands Act and other Federal Mining laws. Stipulates that such moneys shall remain available until appropriated to carry out the purposes of the National Historic Preservation Act of 1966. Authorizes the appropriation of $175,000 per year for fiscal years 1977,1978, and 1979 for the International Center for the Preservation and Restoration of Cultural Property.
United States · United States Congress · 17 March 1976
Authorizes and requests the President to issue a proclamation designating the week beginning on November 7, 1976, as "National Respiratory Therapy Week".
United States · United States Congress · 16 March 1976
Increases by $2,500,000,000, the amount authorized to be appropriated for long-term direct loans to nonprofit sponsors for construction of housing for the elderly and the handicapped.
United States · United States Congress · 15 March 1976
Amends the Federal Power Act to require that rate increases for the interstate sale of electricity may not be granted until public hearings on such increases have been completed by the Federal Power Commission. Requires 30 days' notice of all rate changes by a public utility to the Federal Power Commission and to the public.
United States · United States Congress · 11 March 1976
Stipulates that no rule or regulation which is issued pursuant to the Food Stamp Act of 1964 and which is to become effective after February 13, 1976, shall become effective until the enactment of legislation after the date of enactment of this Act with respect to the eligibility and purchase requirements of persons receiving benefits under the Food Stamp Act of 1964.
United States · United States Congress · 9 March 1976
Expresses the sense of the Congress that the United States should take all necessary actions to effect a regional conservation treaty for the protection of Northern Hemisphere pinnipeds.
United States · United States Congress · 24 February 1976
Provides for the disposal under the Federal Property and Administrative Services Act of 1949 of surplus real property at not less than 25 percent of fair market value to States and their political subdivisions, agencies, and instrumentalities for economic development purposes where such areas meet special needs arising from actual or threatened severe unemployment arising from the closing of Federal facilities.
United States · United States Congress · 23 February 1976
Amends the Federal Power Act to require that rate increases for the interstate sale of electricity may not be granted until public hearings on such increases have been completed by the Federal Power Commission. Requires 30 days' notice of all rate changes by a public utility to the Federal Power Commission and to the public.
United States · United States Congress · 19 February 1976
Amends the Social Security Act to authorize payment under the medicare program for specified services performed by chiropractors, including x-rays and physical examinations, and related routine laboratory tests.
United States · United States Congress · 17 February 1976
Increases from 36 to 45 months the period of entitlement for educational assistance for eligible veterans. Eliminates the ten-year time limitation within which such assistance must be used. (Amends 38 U.S.C. 1661; 1662)
United States · United States Congress · 17 February 1976
Allows an eligible veteran who is pursuing a program of education at the close of the ten-year delimiting period to continue to receive educational assistance until he completes such program, or until he ceases to pursue such program, whichever first occurs. (Amends 38 U.S.C. 1662(a))
United States · United States Congress · 11 February 1976
Title I: Amends the Land and Water Conservation Fund Act of 1965 to increase the amount of appropriations authorized under such Act to $450,000,000 for fiscal year 1976, $625,000,000 for fiscal year 1977, and $800,000,000 for each fiscal year thereafter through fiscal year 1989. Revises procedures for the apportionment of land and water conservation fund moneys to States by the Secretary of the Interior. Authorizes Federal financial assistance for the planning and development of sheltered facilities for recreation activities normally pursued outdoors. Title II: Amends the National Historic Preservation Act of 1966 to establish a historic preservation fund in the United States Treasury. Stipulates that $75,000,000 for each of fiscal years 1976 and 1977 and $100,000,000 for each fiscal year thereafter until fiscal year 1989 shall be covered into the fund from revenues due and payable to the United States under the Outer Continental Shelf Lands Act and other Federal mining laws. Stipulates that such moneys shall remain available until appropriated in order to carry out the purposes of the National Historic Preservation Act of 1966.
United States · United States Congress · 9 February 1976
Administrative Rulemaking Control Act - Expresses the findings of Congress that executive agencies have promulgated rules containing criminal sanctions which have often exceeded the intent of Congress. States that it is the purpose of this Act to establish a procedure whereby Congress may review specified rulemaking activities of executive agencies, thereby exercising greater control and oversight over the operations of such agencies. Requires public notice of proposed rulemaking, allowance of public participation in such rulemaking, and a public statement of the basis and purpose of any adopted rule. Provides that an administrative rule, the violation of which subjects an individual to a criminal penalty, shall take effect only: (1) if published in the Federal Register; (2) after the expiration of 30 days of continuous session of Congress after the date on which the rule was published; and (3) if neither House of Congress passes a resolution disfavoring such a rule. Sets forth procedures governing the consideration of such resolution by the Congress.
United States · United States Congress · 5 February 1976
Authorizes the Secretary of the Interior to make grants to States or political subdivisions thereof or to private owners of a cemetery or burial plot to assist in the restoration of historical cemeteries and burial plots. Imposes specified conditions upon private owners of such cemeteries or plots for receiving Federal assistance. Limits such assistance to 50 percent of the cost of restoration. Authorizes appropriation of such sums as are necessary to carry out the purposes of this Act.
![Official portrait of Rep. St Germain, Fernand J. [D-RI-1]](https://www.congress.gov/img/member/s000762_200.jpg)