United States · United States Congress · 4 June 1975
Authorizes and directs the General Accounting Office to audit the Federal Reserve Board, the Federal Advisory Council, the Federal Open Market Committee, and Federal Reserve banks and their branches. Requires the Comptroller General to annually file a report with Congress on the results of the audit. Directs the Comptroller General to include recommendations for attaining a more economical and efficient administration of the entities audited.
United States · United States Congress · 22 May 1975
Credit Union Financial Institutions Act Amendments - Title I: New Powers and Modernization - Empowers a Federal credit union to make loans and extend credit to members, other credit unions, or financial organizations. Permits credit unions to make loans to members in accordance with the following: (1) loans shall be made in conformity with criteria established by the board of directors and with standards enumerated in this Act; (2) lines of credit shall be established to a stated maximum amount on certain terms and conditions which may be different than those of another borrower; (3) loans to other credit unions shall be approved by the board of directors and not exceed 1 percent of the unimpaired capital and surplus; and (4) participation loans shall be in accordance with written policies of the board of directors. Empowers the credit union to invest funds: (1) in securities or obligations guaranteed by the United States or any agency or instrumentality thereof; (2) in obligations of any State, or the several territories and possessions or any political subdivision thereof; and (3) in the shares or obligations of any other organization which advances the development of credit unions. Empowers credit unions to place their funds: (1) in share accounts or deposits of savings which are insured by an agency of the Federal Government, or by any federally or State insured credit union; and (2) in demand or time deposits of banks whose accounts are insured by the Federal Deposit Insurance Corporation. Empowers such credit union to sell all or part of its assets to another credit union, or to purchase assets from another such credit union, and to permit members to transfer money to and from the member's account pursuant to regulations of the Board. Declares that Federal credit union membership shall consist of the incorporators, and such other persons and organizations as may be elected. Stipulates that a Federal credit union shall be managed by a board of directors, a supervisory committee, and a credit committee. Requires the board of directors to annually elect from their number an executive officer, one or more vice presidents, a treasurer, and a secretary. States that the board of directors shall meet at least once a month and shall have general control of the direction of the Federal credit union. Enumerates the general functions and duties of the board of directors. Permits the board of directors to elect a credit committee. Makes it the duty of the committee to hold such meetings as are necessary to consider applications for loans or lines of credit. Requires each Federal credit union to maintain reserves against its demand deposits in the Central Liquidity Facility and in currency and coin in such other form as the Board of Governors of the Federal Reserve System may provide. Authorizes the board to declare a dividend after provision for required reserves has been made. Authorizes issuance of shares in joint tenancy with persons designated by the credit union member. Authorizes shares to be issued in the name of a minor or in trust. Repeals provisions of the Federal Credit Union Act pertaining to: (1) District of Columbia credit unions; (2) approval of certificates; and (3) conditions upon conversion to Federal status. Title II: Restructuring the National Credit Union Administration - Establishes 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 and provides for a National Credit Union Administration Advisory Board. States that the Board shall have three members having credit union experience appointed by the President with the advice and consent of the Senate. Directs the Chairperson of the Board to be the spokesperson of the Board and to represent the Board and the National Credit Union Administration in its relations with other branches of the Government. Requires that an Advisory Board be elected to advise and make recommendations on policy matters to the Board. Permits any aggrieved party to seek to enjoin or obtain other appropriate remedy when a charter revocation or suspension or an involuntary liquidation is ordered by the Board. Limits the powers of the Administration to the exercise of all powers specifically granted by the provisions of the Federal Credit Union Act and such incidental powers as shall be necessary to carry out the power so granted. Title III: Share Insurance - Includes credit unions organized and operated according to the laws of the trust territories in the Federal credit unions whose member accounts are insured by the Administrator. Title IV: Central Liquidity Facility - Establishes the National Credit Union Central Liquidity Facility to: (1) provide funds to meet the liquidity needs of credit unions; (2) provide for an orderly transfer of funds; and (3) assist credit unions to improve their general welfare and the financial and general welfare of their members and member's family. Vests management of the Facility in the National Credit Union Administration Board. Authorizes the Secretary of the Treasury to advance $500,000 to be utilized by the Facility for initial organization and operating expenses. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having a par value of $50 each. Enumerates the general powers of the Board in administering the Central Liquidity Facility. Entitles any member of the Facility to apply in a form prescribed by regulations for advances. Authorizes the Board to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to purchase any obligation issued by the Board in the event of insufficient funds in the Facility to meet the obligations arising under this Act. Directs the Board 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. Exempts the Facility from all taxation imposed by the United States or by any State.
United States · United States Congress · 22 May 1975
Credit Union Financial Institutions Act Amendments - Title I: New Powers and Modernization - Empowers a Federal credit union to make loans and extend credit to members, other credit unions, or financial organizations. Permits credit unions to make loans to members in accordance with the following: (1) loans shall be made in conformity with criteria established by the board of directors and with standards enumerated in this Act; (2) lines of credit shall be established to a stated maximum amount on certain terms and conditions which may be different than those of another borrower; (3) loans to other credit unions shall be approved by the board of directors and not exceed 1 percent of the unimpaired capital and surplus; and (4) participation loans shall be in accordance with written policies of the board of directors. Empowers the credit union to invest funds: (1) in securities or obligations guaranteed by the United States or any agency or instrumentality thereof; (2) in obligations of any State, or the several territories and possessions or any political subdivision thereof; and (3) in the shares or obligations of any other organization which advances the development of credit unions. Empowers credit unions to place their funds: (1) in share accounts or deposits of savings which are insured by an agency of the Federal Government, or by any federally or State insured credit union; and (2) in demand or time deposits of banks whose accounts are insured by the Federal Deposit Insurance Corporation. Empowers such credit union to sell all or part of its assets to another credit union, or to purchase assets from another such credit union, and to permit members to transfer money to and from the member's account pursuant to regulations of the Board. Declares that Federal credit union membership shall consist of the incorporators, and such other persons and organizations as may be elected. Stipulates that a Federal credit union shall be managed by a board of directors, a supervisory committee, and a credit committee. Requires the board of directors to annually elect from their number an executive officer, one or more vice presidents, a treasurer, and a secretary. States that the board of directors shall meet at least once a month and shall have general control of the direction of the Federal credit union. Enumerates the general functions and duties of the board of directors. Permits the board of directors to elect a credit committee. Makes it the duty of the committee to hold such meetings as are necessary to consider applications for loans or lines of credit. Requires each Federal credit union to maintain reserves against its demand deposits in the Central Liquidity Facility and in currency and coin in such other form as the Board of Governors of the Federal Reserve System may provide. Authorizes the board to declare a dividend after provision for required reserves has been made. Authorizes issuance of shares in joint tenancy with persons designated by the credit union member. Authorizes shares to be issued in the name of a minor or in trust. Repeals provisions of the Federal Credit Union Act pertaining to: (1) District of Columbia credit unions; (2) approval of certificates; and (3) conditions upon conversion to Federal status. Title II: Restructuring the National Credit Union Administration - Establishes 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 and provides for a National Credit Union Administration Advisory Board. States that the Board shall have three members having credit union experience appointed by the President with the advice and consent of the Senate. Directs the Chairperson of the Board to be the spokesperson of the Board and to represent the Board and the National Credit Union Administration in its relations with other branches of the Government. Requires that an Advisory Board be elected to advise and make recommendations on policy matters to the Board. Permits any aggrieved party to seek to enjoin or obtain other appropriate remedy when a charter revocation or suspension or an involuntary liquidation is ordered by the Board. Limits the powers of the Administration to the exercise of all powers specifically granted by the provisions of the Federal Credit Union Act and such incidental powers as shall be necessary to carry out the power so granted. Title III: Share Insurance - Includes credit unions organized and operated according to the laws of the trust territories in the Federal credit unions whose member accounts are insured by the Administrator. Title IV: Central Liquidity Facility - Establishes the National Credit Union Central Liquidity Facility to: (1) provide funds to meet the liquidity needs of credit unions; (2) provide for an orderly transfer of funds; and (3) assist credit unions to improve their general welfare and the financial and general welfare of their members and member's family. Vests management of the Facility in the National Credit Union Administration Board. Authorizes the Secretary of the Treasury to advance $500,000 to be utilized by the Facility for initial organization and operating expenses. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having a par value of $50 each. Enumerates the general powers of the Board in administering the Central Liquidity Facility. Entitles any member of the Facility to apply in a form prescribed by regulations for advances. Authorizes the Board to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to purchase any obligation issued by the Board in the event of insufficient funds in the Facility to meet the obligations arising under this Act. Directs the Board 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. Exempts the Facility from all taxation imposed by the United States or by any State.
United States · United States Congress · 22 May 1975
Forbids, under the Immigration and Nationality Act, the employment or referral for employment of aliens who have not been lawfully admitted to the United States for permanent residence. States that a person who employs or refers for employment such an individual shall not be deemed to have violated this Act if he has: (1) obtained a form signed by the individual stating that he is a citizen or lawfully admitted alien; and (2) himself signed a form stating that he has read the individual's birth certificate or any other document which validates the individual's statement. Provides that any person who violates this Act shall be fined in an amount equal to the cost to the United States of deporting such alien if such alien is deported, or imprisoned for not more than six months, or both, for the first such employment or referral, and shall be fined the same amount, or imprisoned for not more than one year, or both, for each such subsequent employment or referral. Directs the Immigration and Naturalization Service to increase the personnel of the United States Border Patrol and Investigations Branch by 2,500 by the end of fiscal year 1975. Authorizes to be appropriated such sums as necessary to carry out this provision. Provides that this Act shall take effect 90 days after enactment and shall only apply to aliens who become employed or are referred for employment on or after that date.
United States · United States Congress · 21 May 1975
Expresses the sense of the House of Representatives that it does not favor specified proposed amendments to the rules and regulations of the Small Business Administration pertaining to the imposition of loan maturity fees and other fees and charges for loan application preparation.
United States · United States Congress · 21 May 1975
Expresses the sense of the House of Representatives that it does not favor specified proposed amendments to the rules and regulations of the Small Business Administration pertaining to the imposition of loan maturity fees and other fees and charges for loan application preparation.
United States · United States Congress · 20 May 1975
Directs the Economic Development Administration under the Secretary of Commerce to carry out a program of providing useful work to unemployed individuals in activities on projects which promote the public welfare. Sets forth the types of projects eligible for assistance under this Act. Authorizes to be appropriated for purposes of this Act for fiscal year 1976, $8,500,000,000. Provides that a project may not be approved under this Act unless such project: (1) meets a genuine local need; (2) provides for the employment of unemployed individuals; (3) pays the prevailing wage for individuals employed in similar occupations by the same employer under the provisions of the Davis-Bacon Act; (4) requires no employment for more than 30 hours per week; and (5) employs a work force that would be at least 50 percent union. Provides that no funds shall be obligated for new projects under this Act in any county in which the rate of unemployment falls below 6 percent for three consecutive months, as determined by the Secretary.
United States · United States Congress · 20 May 1975
Revises the Act creating the American Revolution Bicentennial Advisory Council to increase the number of appointments and permit the appointment of members from the New England States.
United States · United States Congress · 19 May 1975
Handgun Crime Control Act - States that it shall be unlawful for any person to import, manufacture, sell, buy, transfer, receive, or transport any handgun. Provides that the Secretary of the Treasury may exempt licensed importers, manufacturers, dealers, purchasers, or transporters of handguns from the above provision if their efforts are in behalf of the United States Government. Authorizes also the exemption of licensed pistol clubs from such restrictions. Provides for the voluntary delivery of handguns to any law enforcement agency for disposition, and states that the transferor shall be entitled to a payment of $25 or the fair market value of the handgun, whichever is greater. Authorizes the Secretary to license pistol clubs conforming to specified minimal standards, including the maintenance of possession and control of the handguns used by its members. Imposes criminal penalties on persons who violate any provision or knowingly make any false statement of representation with respect to the information required to be kept in the records of a licensed pistol club or in applying for any license. Authorizes the Secretary to prescribe such rules and regulations as he deems necessary to carry out the provisions of this Act. Authorizes to be appropriated such sums as are necessary to carry out the provisions of this Act.
United States · United States Congress · 15 May 1975
Appropriates $500,000,000 for community development grants under the Housing and Community Development Act to units of general local government, except urban counties.
United States · United States Congress · 15 May 1975
Authorizes to be appropriated, under the Housing and Community Development Act of 1974, $500,000,000 for community development grants to units of general local government, except urban counties.
United States · United States Congress · 13 May 1975
Establishes in the Office of Education a National Student Financial Assistance Data Bank to assist students in identifying public and private sources of financial assistance for higher education. Directs the Commissioner of Education to (1) collect and assemble all available information pertaining to scholarships, loans, grants, and other financial assistance, and (2) disseminate such information without change to individuals applying to data bank.
United States · United States Congress · 6 May 1975
Provides a five-year moratorium on application of the penalty imposed (through a reduction in the credit allowed employers against the Federal unemployment tax) by the Internal Revenue Code on States which have failed to make timely repayment of advances made to the State's unemployment account.
United States · United States Congress · 6 May 1975
Authorizes the Secretary of the Interior to establish national parks of at least 500 acres in those States which presently do not have a national park. Provides that each park established under this Act shall contain picnic and playground areas, an outdoor stage, sports facilities, bicycle paths and nature walks. Stipulates that such parks shall be administered by the Secretary through the National Park Service. Directs each park established by this Act to be opened in time for the bicentennial celebration, July 4, 1976. Authorizes the appropriation of such funds as are necessary to carry out the purposes of this Act.
United States · United States Congress · 6 May 1975
Increases the Federal share of rail service continuation subsidies, as provided for in the Regional Rail Reorganization Act of 1973, from 70 to 90 percent.
United States · United States Congress · 5 May 1975
Credit Uses Reporting Act - Establishes a program of reporting on uses of commercial bank credit and on the accommodation of national priority uses of credit. Enumerates national priority uses for purposes of this Act. Directs the Board of Governors of the Federal Reserve System to administer such program.
United States · United States Congress · 1 May 1975
Requires the inclusion of emergency power equipment in federally assisted multifamily housing facilities which are designed for occupancy in whole or substantial part by the elderly. Authorizes Federal loans to finance the provision of such equipment for those facilities, and sets forth the terms of such loans. Authorizes such appropriations as necessary to carry out the purposes of this Act.
United States · United States Congress · 1 May 1975
Revises the Federal law creating the American Revolution Bicentennial Advisory Council to expand the Council in order to include members from the New England States.
United States · United States Congress · 1 May 1975
Creates a select committee in the House of Representatives with authority to conduct a full and complete investigation of the problem of United States servicemen missing in action or known to be dead whose bodies have not been recovered, as a result of military operations in North Vietnam, South Vietnam, Laos and Cambodia. Provides that such investigation shall include an examination of the need for additional international inspection teams to determine whether there are servicemen still held as prisoner of war. Authorizes the Committee to hold hearings, issue subpenas, and maintain a staff as necessary to carry out its responsibilities under this resolution. Directs the committee to report to the House the results of its investigation no later than one year after adoption of this resolution. Provides that the committee's authority shall expire 30 days after the filing of such report. Directs that the expenses of the select committee shall be paid from the contingent fund of the House of Representatives upon vouchers signed by the Chairman.
United States · United States Congress · 30 April 1975
Provides that it shall be unlawful for any business enterprise or person acting on behalf or in the interest of a business enterprise to coerce, or attempt to coerce, by economic means another person, to fail to do business with, or to otherwise discriminate against any U.S. person, or any foreign person with respect to its activities in the United States, by reason of: (1) the religion, race, national origin, or sex of such U.S. or foreign person; or (2) direct or indirect support for any foreign government when such support is not in violation of U.S. laws. Prescribes a penalty of a fine of not more than $100,000, or imprisonment for not more than three years, or for violation of such provision. Prescribes a fine not to exceed $1,000,000 if the violator is any person other than an individual. Allows any person aggrieved by a violation of the prohibition against economic coercion to bring a suit in an appropriate U.S. district court without regard to the amount in controversy. States that such person may recover threefold actual damages, reasonable attorney's fees, and other litigation costs reasonably incurred. Permits the Attorney General to institute an action in an appropriate district court to collect a civil penalty against any person who practices prohibited economic coercion. States that the penalty shall not exceed $50,000 if imposed upon an individual, or not more than $500,000 if imposed upon any person other than an individual. Makes it unlawful for a person to violate this Act by exercising coercion through a foreign government or a business enterprise not subject to U.S. jurisdiction. States that whoever violates such provision shall be subject to a fine not to exceed $50,000 if an individual, or not to exceed $500,000 if any person other than an individual. Defines terms used in this Act, including "persons", and states that such term shall include a corporation, trust, company, association, firm, partnership, society, joint stock company, fund, or any organized group of persons whether incorporated or not.
United States · United States Congress · 28 April 1975
Requires unannounced State inspections of public and private extended care facilities, skilled nursing homes, and intermediate care facilities as a criteria for eligibility for Medicaid payments under title XIX of the Social Security Act. Specifies that States must impose a fine of up to $300 for willful refusal to permit such inspections. Requires States to enforce specified guarantees of rights of patients in such facilities, including guarantees: (1) that the patient's civil and religious liberties will not be infringed; (2) that the patient has the right to private communications with his physician, attorney, or any other person; and (3) that the patient has the right to have privacy in treatment and in caring for personal needs and confidentiality in the treatment of personal and medical records.
United States · United States Congress · 28 April 1975
Directs the Administrator of Veterans' Affairs to acquire, by donation, purchase, or otherwise, the Rhode Island Veterans' Cemetery, and such additional lands as may be necessary for the establishment of a national cemetery. Authorizes to be appropriated such sums as may be necessary to carry out the acquisition of such lands.
United States · United States Congress · 23 April 1975
Expresses the sense of Congress that the United States delegation to the European Security Conference should not agree to the recognition by the European Security Conference of the Soviet Union's annexation of Estonia, Latvia, and Lithuania and it should remain the policy of the United States not to recognize in any way the annexation of the Baltic nations by the Soviet Union.
United States · United States Congress · 21 April 1975
Prohibits the Federal Home Loan Bank Board from authorizing Federal savings and loan associations to offer loans secured by one to four homes or dwellings with variable interest rates.
United States · United States Congress · 17 April 1975
Increases to $450,000,000 the minimum amount of the annual contributions to public housing agencies to be made by the Secretary of Housing and Urban Development under the Housing Act of 1937.
United States · United States Congress · 17 April 1975
Requires the inclusion of emergency power equipment in federally assisted multifamily housing facilities which are designed for occupancy in whole or substantial part by the elderly. Authorizes Federal loans to finance the provision of such equipment for those facilities, and sets forth the terms of such loans. Authorizes such appropriations as necessary to carry out the purposes of this Act.
United States · United States Congress · 17 April 1975
Ozone Protection Act - Directs the Administrator of the Environmental Protection Agency to contract with the National Academy of Sciences to study and report to the Congress on the effects on Public health and the environment of the discharge of chlorofluoromethane into the ambient air. Requires the Administrator of the National Aeronautics and Space Administration to report to the Congress the control and target levels which should be prescribed. Permits the Administrator to waive the requirements and prohibitions of this Act if he determines that there is no significant risk to the public health. Permits the Administrator to establish target and control levels. Establishes a target level of 1 percent and a control level of fifty thousand tons per year in the absence of any set by the Administrator. Requires the Administrator to arrange for the issuance of licenses to regulate chlorofluoromethane. Prohibits the violation of the terms of any license, the manufacture, importation, the introduction into commerce of chlorofluoromethane, or the unreasonable stockpiling of chlorofluoromethane. Authorizes appropriations for fiscal years 1975-1977 to carry out the purposes of this Act.
United States · United States Congress · 16 April 1975
Provides that corporations, labor organizations, and specified Government contractors which make unlawful political contributions shall be fined in an amount equal to the amount of such contributions. (Amends 18 U.S.C. 610)
United States · United States Congress · 16 April 1975
Declares that no provision of any law of the United States authorizes the Federal Home Loan Bank Board to permit lending institutions to offer loans secured by improved real estate with variable interest rates. Provides that the Board may not do so until Congress by law authorizes such variable interest rates.
United States · United States Congress · 16 April 1975
Credit Union Financial Institutions Act Amendments - Title I: New Powers and Modernization - Empowers a Federal credit union to make loans and extend credit to members, other credit unions, or financial organizations. Permits credit unions to make loans to members in accordance with the following: (1) loans shall be made in conformity with criteria established by the board of directors and with standards enumerated in this Act; (2) lines of credit shall be established to a stated maximum amount on certain terms and conditions which may be different than those of another borrower; (3) loans to other credit unions shall be approved by the board of directors and not exceed 1 percent of the unimpaired capital and surplus; and (4) participation loans shall be in accordance with written policies of the board of directors. Empowers the credit union to invest funds: (1) in securities or obligations guaranteed by the United States or any agency or instrumentality thereof; (2) in obligations of any State, or the several territories and possessions or any political subdivision thereof; and (3) in the shares or obligations of any other organization which advances the development of credit unions. Empowers credit unions to place their funds: (1) in share accounts or deposits of savings which are insured by an agency of the Federal Government, or by any federally or State insured credit union; and (2) in demand or time deposits of banks whose accounts are insured by the Federal Deposit Insurance Corporation. Empowers such credit union to sell all or part of its assets to another credit union, or to purchase assets from another such credit union, and to permit members to transfer money to and from the member's account pursuant to regulations of the Board. Declares that Federal credit union membership shall consist of the incorporators, and such other persons and organizations as may be elected. Stipulates that a Federal credit union shall be managed by a board of directors, a supervisory committee, and a credit committee. Requires the board of directors to annually elect from their number an executive officer, one or more vice presidents, a treasurer, and a secretary. States that the board of directors shall meet at least once a month and shall have general control of the direction of the Federal credit union. Enumerates the general functions and duties of the board of directors. Permits the board of directors to elect a credit committee. Makes it the duty of the committee to hold such meetings as are necessary to consider applications for loans or lines of credit. Requires each Federal credit union to maintain reserves against its demand deposits in the Central Liquidity Facility and in currency and coin in such other form as the Board of Governors of the Federal Reserve System may provide. Authorizes the board to declare a dividend after provision for required reserves has been made. Authorizes issuance of shares in joint tenancy with persons designated by the credit union member. Authorizes shares to be issued in the name of a minor or in trust. Repeals provisions of the Federal Credit Union Act pertaining to: (1) District of Columbia credit unions; (2) approval of certificates; and (3) conditions upon conversion to Federal status. Title II: Restructuring the National Credit Union Administration - Establishes 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 and provides for a National Credit Union Administration Advisory Board. States that the Board shall have three members having credit union experience appointed by the President with the advice and consent of the Senate. Directs the Chairperson of the Board to be the spokesperson of the Board and to represent the Board and the National Credit Union Administration in its relations with other branches of the Government. Requires that an Advisory Board be elected to advise and make recommendations on policy matters to the Board. Permits any aggrieved party to seek to enjoin or obtain other appropriate remedy when a charter revocation or suspension or an involuntary liquidation is ordered by the Board. Limits the powers of the Administration to the exercise of all powers specifically granted by the provisions of the Federal Credit Union Act and such incidental powers as shall be necessary to carry out the power so granted. Title III: Share Insurance - Includes credit unions organized and operated according to the laws of the trust territories in the Federal credit unions whose member accounts are insured by the Administrator. Title IV: Central Liquidity Facility - Establishes the National Credit Union Central Liquidity Facility to: (1) provide funds to meet the liquidity needs of credit unions; (2) provide for an orderly transfer of funds; and (3) assist credit unions to improve their general welfare and the financial and general welfare of their members and member's family. Vests management of the Facility in the National Credit Union Administration Board. Authorizes the Secretary of the Treasury to advance $500,000 to be utilized by the Facility for initial organization and operating expenses. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having a par value of $50 each. Enumerates the general powers of the Board in administering the Central Liquidity Facility. Entitles any member of the Facility to apply in a form prescribed by regulations for advances. Authorizes the Board to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to purchase any obligation issued by the Board in the event of insufficient funds in the Facility to meet the obligations arising under this Act. Directs the Board 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. Exempts the Facility from all taxation imposed by the United States or by any State.
United States · United States Congress · 16 April 1975
Prohibits former Federal employees who participated in a contract formulation whose value exceeded $10,000 from being employed, for a period of two years, by anyone who has a direct interest in the contract. (Amends 18 U.S.C. 207)
United States · United States Congress · 16 April 1975
Prohibits, under the Emergency Petroleum Allocation Act of 1973, the President from setting minimum prices for crude oil, residual fuel oil, or any refined petroleum product without congressional review. Requires that amendments to such Act be subject to congressional approval and be supported by a report from the President as to the need for the proposed amendment and impact of such amendment upon the price of energy products and domestic production and the consumption of energy. Expresses the sense of Congress that the President should not enter into any formal international agreement having the effect of establishing a price floor on crude oil, residual fuel oil, or any refined petroleum product until such time as the Congress grants him the authority to enter into it.
United States · United States Congress · 15 April 1975
Increases unemployment and sickness benefits under the Railroad Unemployment Insurance Act. Revises the employer contribution base under such Act. Requires employers to pay a contribution equal to the specified percentage of so much of the compensation paid to any employee for service rendered after March 1975 as is not in excess of the maximum monthly compensation set forth in this Act.
United States · United States Congress · 15 April 1975
Makes it a violation of the Federal Trade Commission Act for any retailer to increase the price of consumer commodities once he marks the price on any such consumer commodity, and permits the Federal Trade Commission to order any such retailer to refund any amounts of money obtained by increasing the price of such consumer commodity.
United States · United States Congress · 15 April 1975
Authorizes payment under title XVIII (Medicare) of the Social Security Act for emergency inpatient hospital services furnished outside the United States to a qualified individual whose principal residence is within the United States, without regard to where the emergency occurred.
United States · United States Congress · 14 April 1975
Authorizes the Secretary of the Interior to establish national parks of at least 500 acres in those States which presently do not have a national park. Provides that each park established under this Act shall contain picnic and playground areas, an outdoor stage, sports facilities, bicycle paths and nature walks. Stipulates that such parks shall be administered by the Secretary through the National Park Service. Directs each park established by this Act to be opened in time for the bicentennial celebration, July 4, 1976. Authorizes the appropriation of such funds as are necessary to carry out the purposes of this Act.
United States · United States Congress · 10 April 1975
Entitles veterans to 2 1/2 months of educational benefits for each month of service on active duty. Extends the maximum period of eligibility for veterans' educational benefits from 36 to 45 months. (Amends 38 U.S.C. 1661 (a) and (c))
United States · United States Congress · 10 April 1975
Lowers the population requirements from 100,000 to 50,000 for a unit of local government to be eligible to be a prime sponsor under the Comprehensive Employment and Training Act.
United States · United States Congress · 10 April 1975
Revises the Internal Revenue Code to allow as a deduction: (1) the home improvement expenses (up to a maximum of $500) paid by a taxpayer; and (2) the residential addition amortization (the aggregate of which may not exceed $5,000).
United States · United States Congress · 8 April 1975
Directs the President to exercise his authority under the Emergency Petroleum Allocation Act of 1973 to equalize the ceiling price throughout the United States at which residual fuel oil is sold or exchanged so as to assure equitable electric power rates and charges throughout the United States.
United States · United States Congress · 8 April 1975
Social Security Recipients Fairness Act - Title I: Replacement of Lost, Stolen, or Delayed Checks - Requires the Secretary of Health, Education and Welfare to establish procedures for expedited payment of monthly benefits. Requires the Secretary, within one day after the date an individual files for late payment of benefits, to cause such monthly insurance benefits to be paid. Title II: Expediting of Hearings and Determination - States that in the administration of the programs established by titles II, XVI, and XVIII of the Social Security Act, the Secretary shall establish procedures designed to assure that: (1) any duly requested hearing to which an individual is entitled thereunder will be held within a reasonable period of time after such hearing is so requested, if such hearing is requested with respect to a determination of entitlement to benefits; and (2) not later than ninety days after such a hearing is requested, the Secretary shall render a final determination on the issues which were the subject of such hearing, or if no final determination of the Secretary has been made at that time, the Secretary shall make payments of benefits to such individual in like manner as if a final determination has been made fully in favor of such individual. Title III: Expedited Payment of Black Lung Benefits; and Expedited Hearings and determinations Respecting Such Benefits - Provides for expedited payments of black lung benefits under the Federal coal Mine Health and Safety Act. Directs the Secretary to establish procedures for expediting hearings and hearings and determinations on claims for such benefits. Title IV: Limitation of Benefit Reduction to Compensate for Benefit Overpayment - Limits to 25 percent the reduction that may be made in an individual's Social Security benefit check for any month because of any previous overpayment of monthly benefits.
United States · United States Congress · 8 April 1975
Local Public Works Capital Development and Investment Act - States that the current depressed condition of the national economy has had an especially heavy impact upon local governments, making it no longer possible for them to finance needed public facilities, thereby threatening the health, safety, and general welfare of their citizens. Declares it to be needless and unwise public policy for a vast pool of idle manpower to coexist with a backlog of needed and long overdue local public facilities work. 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. Provides 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. Directs the Secretary to prescribe those rules, regulations, and procedures necessary to carry out this Act. States factors that the Secretary shall consider in accordance with the relative needs of the various sections of the country. Authorizes the Secretary to make a 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. States that not more than 10 percent of all amounts authorized to carry out this Act shall be granted for local public works projects within any one State. Provides that all laborers and mechanics employed by contractors or subcontractors on projects assisted by this Act shall be paid wages a rate not less than those prevailing on similar construction in the locality as determined by the Secretary of Labor in accordance with the Davis-Bacon Act. Authorizes to be appropriated an amount not to exceed $5,000,000,000 to carry out this Act.
United States · United States Congress · 7 April 1975
Provides that if the Postal Service and a supervisory organization, recognized by the Postal Service under this Act, representing a majority of supervisors are unable to agree, within 60 days after the organization submits a written notice to the Postal Service, upon a program for consultation or a plan to participate directly in the planning and development of pay policies and schedules, fringe benefit programs, and other programs relating to supervisory employees, either party shall have the right to refer the matter to an arbitration board established under the provisions of this Act. Provides that if the Postal Service and a supervisory organization recognized by the Postal Service under this Act as representing the majority of supervisors are unable to agree with respect to pay policies and schedules, fringe benefit programs, and other programs related to supervisory employees, which affect all or a substantial portion of supervisory personnel on a long- term or permanent basis, after participating directly in the planning and development thereof, either party, upon a 30-day written notice, may refer the dispute to an arbitration board established under the provisions of this Act. Provides for the establishing of an arbitration board to consider specified disputes. Sets forth hearing requirements to be met by such board. Provides that the decisions of the arbitration board shall be conclusive and binding upon the parties.
United States · United States Congress · 26 March 1975
Foreign Bank Act - Redefines "bank" to include branches and agencies of foreign banks established or operating under the laws of the United States, any State, or the District of Columbia. Adds definitions of other terms to the Bank Holding Company Act of 1956. Requires foreign banks with worldwide assets in excess of $500,000,000 to become members of the Federal Reserve System. Prescribes regulations for the acquisition and establishment of additional branches and agencies by bank holding companies and foreign banks. Requires divestiture within 2 years of the date of enactment by bank holding companies, foreign bank holding companies, and their subsidiaries, of any branch or agency outside the State in which the operations of the company's banking subsidiaries are principally conducted, which was acquired after December 3, 1974. Requires divestiture within 10 years of non-banking interests acquired after December 3, 1974, by foreign bank companies. Allows the retention of banking facilities in the State in which the foreign bank's operations are principally conducted and expansion in that State in any form permitted by State law. Allows expansion outside the principal State in the same form as that in which the bank company's operations are presently conducted in the non-principal State. Redefines, and adds, terms to the Federal Reserve Act. Provides that any branch of a foreign bank operating under this Act which fails to become a member of the Federal Reserve System within one year of passage of this Act shall forfeit all of its rights, privileges, and franchises. Allows the Board of Governors of the Federal Reserve System to waive the requirements of the Federal Reserve Act that a majority of the shares of a corporation doing foreign banking be owned or controlled by United States citizens and that all of the directors of such a corporation be United States citizens. Permits a national banking association to be formed under the National Bank Act by or on behalf of a foreign bank. Allows the Comptroller of the Currency to permit one-third of the directors of a national bank to be non-citizens of the United States. Directs the Federal Deposit Insurance Corporation to submit to the Congress within ninety days of enactment a proposal for extending insurance coverage to deposits in branches and agencies of foreign banks. Allows a foreign bank to establish and operate branches in any State upon receipt of a certificate of authority from the Comptroller, notwithstanding the laws of the State. Allows a foreign bank to convert branches or agencies operating under State law to federally-certified branches to be operated under this Act. Directs the Comptroller to consider the views of the Secretary of State, the Secretary of the Treasury, the Board of Governors, and the bank supervisory authorities of the States in deciding whether to issue certificates of authority to foreign banks to operate branches under this Act. Prohibits the Comptroller from issuing such certificate if the establishment of the branch would adversely affect the domestic or foreign commerce, or otherwise would not be in the interest of the United States. Provides that upon the issuance of a certificate of authority the foreign bank may conduct its business with the same rights, privileges, duties and restrictions as a national bank. Requires annual examinations by the Comptroller of branches operating under this Act, reports by the banks in accordance with the Federal Deposit Insurance Act, and such additional reports as the Comptroller may prescribe. Prescribes penalties for failure to make such reports. Sets forth the assets which foreign banks are required to keep on deposit in the appropriate national bank. Provides for the appointment of a receiver by the Comptroller whenever he has revoked the certificate of authority of a foreign bank, with the same powers in the receiver as are now exercised by receivers of national banks. Requires the appointment of an agent for service of process by each bank holding on certificate of authority in each State where it has established a branch under this Act, and allows service upon the Comptroller in the absence of such an agent. Provides civil and criminal penalties for the violation of this Act by a foreign bank holding a certificate of authority. Grants Federal district courts original jurisdiction in any civil action commenced by the United States against a foreign bank and in any action by a foreign bank to enjoin the Comptroller or a receiver acting under his direction. Makes technical and conforming amendments to the United States Criminal Code, the Bank Protection Act, the Truth-in-Lending Act, and the Fair Credit Reporting Act. Authorizes the Board of Governors, the Comptroller and the Federal Deposit Insurance Corporation to enter into agreements with foreign bank supervisory authorities for the exchange of information on banking institutions. Requires a Federal banking license for any foreign bank controlling, establishing, or operating a bank in the United States which has not received a certificate of authority, except that those banks existing at the date of enactment need only register with the Comptroller. Empowers the Secretary of the Treasury to approve such licenses after consulting with the Secretary of State and the Board of Governors. Directs the Comptroller not to issue such license if the Secretary of the Treasury determines that issuance would adversely affect the domestic or foreign commerce of the United States or would otherwise not be in the interests of the United States. Authorizes the Secretary of the Treasury and the Comptroller to issue rules and regulations deemed necessary to enforce compliance with this Act.
United States · United States Congress · 26 March 1975
Uniform Tax Treatment of Financial Institutions Title - Provides that any debt owed to a financial institution becoming worthless or partially worthless during the taxable year shall be charged to the reserve for losses on loans for purposes of business expense deductibility under the Internal Revenue Code of 1954. Redefines the term "bank" for purposes of the general rules applicable to banking institutions under the Internal Revenue Code. Changes the rules for determination of the reserve for losses for financial institutions for each taxable year. Provides for nonrecognition of gain or loss as a result of foreclosure on any property which was security for the payment of any indebtedness. Provides that the foreclosing party's basis in such property shall be the amount of the indebtedness for which the property was secured, plus costs of foreclosure. Provides new rules for the treatment of distributions of stock to shareholders by domestic building and loan associations where such distribution does not qualify as a deduction for dividends paid on deposits. Authorizes a deduction for the repayment of loans made before September 1, 1951, by the United States or any mutual fund established pursuant to the laws of any State to financial institutions as defined in this Act. Provides for separate taxation under Subchapter L (relating to the taxation of insurance companies) of the life insurance business of a mutual savings bank where such life insurance business is conducted separately from the other business of a mutual savings bank. Allows a deduction for dividends paid on deposits to banking organizations qualifying as such for purposes of the term "bank" as expanded by the provisions of this Act. Redefines the terms "domestic building and loan association" and "cooperative bank" for the purposes of this Act. Allows as a credit against its income tax 3.5 percent (1.5 percent in the case of an individual) of the amount of interest received or accrued from qualifying residential mortgage loans if at least 70 percent of the total assets of such corporate taxpayer are qualifying residential loans. Defines the term "qualifying residential mortgage loan" for the purposes of this Act. Provides that if such credit (together with other specified tax credits allowable) exceeds the income tax for such taxable year, the taxpayer will be allowed to carry such credit back to the three taxable years preceding the unused credit year; and to the seven taxable years following the unused credit year. States that in the case of estates and trusts, and in the case of small business corporations electing taxation directly to shareholders under Subchapter S, the interest from qualifying residential mortgage loans shall be allocated among the parties in the same proportion as the income received by such entities is distributable to the beneficiaries or shareholders. Makes the necessary conforming and technical amendments to bring the related provisions of the Internal Revenue Code into consonance with the provisions of this Act.
United States · United States Congress · 26 March 1975
Financial Institutions Act - Title I: Payment of Interest and Deposit Accounts - Authorizes member banks of the Federal Reserve System (and nonmember building and loan, savings and loan, and homestead association, and cooperative banks) to pay interest on accounts requiring 30 days' notice for withdrawal from such accounts, even though such notice is not required in practice. Directs the Federal Reserve Board and the Federal Home Loan Bank Board to consult with the Secretary of the Treasury before prescribing rules for the payment and advertisement of interest on deposits (as well as shares or withdrawable accounts in the case of the Federal Home Loan Bank Board). Directs the Secretary of the Treasury, after consultation with appropriate specified bodies, to submit a report to Congress concerning limitation on rates of interest or dividends paid by depositary institutions. Directs depositary institutions to furnish in writing specified items of information concerning terms and conditions of deposit at the time of deposit and annually thereafter. Prohibits depositary institutions from advertising calculations of percentage rates or yield based on a period in excess of a year or on the effect of any grace period; or making use of the term "profit" in referring to earnings payable on deposit. Exempts specified transactions from such disclosure and advertising requirements. Provides procedures for enforcing compliance with such requirements, and provides liability to the depositor in the event that disclosure requirements are violated. Title II: Expanded Deposit Liability Powers and Reserves - Creates uniform maximum and minimum limits for reserve ratios for reserves to be maintained against: (1) demand, savings and time deposits, and (2) demand accounts and negotiable order of withdrawal accounts in Federal Home Loan Banks. Authorizes Federal Savings and Loan Associations to raise capital in the form of demand accounts. Authorizes such associations to permit withdrawal or transfer of accounts on negotiable, transferrable or nontransferrable check, order or authorization; and overdrafts; and to engage in credit card operations. Authorizes the Board to allow Federal Reserve Banks to perform clearinghouse functions for member banks and Federal Home Loan Banks and members thereof on an equitable basis. Title III: Lending and Investment Powers - Authorizes Federal savings and loans associations to invest in, sell, or service: (1) consumer, real estate, and construction loans and (2) securities commercial paper, and bankers' acceptance with sepcified restrictions. Title IV: Charters for Thrift Institutions - Provides that charters for thrift institutions may such institutions to provide for the financing of family and consumer needs. Redesignates the Federal Savings and Loan Insurance Corporation as the Federal Savings Insurance Corporation. Authorizes Federal and State mutual associations to convert to State and Federal mutual associations, respectively, under specified conditions. Title V: Credit Unions - Extends the time limit for maturity of: (1) insured loans made by Federal credit unions from 5 to 7 years; and (2) secured loans made by Federal credit unions from 10 to 12 years. Authorizes Federal insured State credit unions to invest its funds in deposit accounts (excluding demand deposits or checking accounts) of federally insured credit unions. Creates the National Credit Union Administration Discount Fund. Provides for the capitalization of the Fund. Authorizes the Administrator of the Fund: (1) to purchase obligations from member credit unions; (2) to borrow and give security therefor and pay interest thereon; and (3) to issue obligations to the Secretary of the Treasury. Authorizes members of the Fund to apply for advances and specifies the conditions to which such advances will be subject. States that the fund and its assets, except its real and tangible personal property, shall be exempt from taxation. Title VI: Government Insured and Guaranteed Mortgage Loans - Provides that interest rates for mortgages and loans insured under the National Housing Act shall be as agreed to by the parties thereto, unless the Secretary of Housing and Urban Development determines the rate to be excessive.
United States · United States Congress · 26 March 1975
Concentrated Industries Anti-Inflation Act - Establishes a Price Restraint Board to be composed of five members who shall issue standards and guidelines for noninflationary price adjustments. States that the basic guideline for price adjustments shall be the maintenance of the dollars and cents profit margin per unit of output of any firm for any product or product category which prevailed for such firm during such fiscal years as the Board may designate. Provides that subsidiary standards and guidelines for price adjustments shall provide for modifying the basic guideline, as the Board may find necessary, to avoid undue hardship, inequity, or impedance of economic growth. Provides for the classification of business firms into three categories based on amount of sales controlled by such firm. States that the Board shall publish monthly a weighted index of the prices of products of concentrated industries. Provides that, when necessary to carry out the purposes of this Act, the Board shall issue orders and regulations in accordance with its standards and guidelines to require prenotification of price increases, to delay proposed price increases in whole or in part, to disapprove proposed price increases in whole or in part, and to rollback prices with respect to products of firms in concentrated industries. States that such regulations and orders shall not apply to firms controlling less than $250,000,000 worth of sales. Enumerates the duties of business firms with respect to notification of the Board of intent to adjust prices after the effective date of this Act.
United States · United States Congress · 26 March 1975
Expresses the sense of the House of Representatives that the provisions of title XII of the Organized Crime Control Act of 1970, creating a National Commission on individual Rights, be immediately implemented.
United States · United States Congress · 24 March 1975
Emergency Homeowners' Relief Act - Authorizes the Secretary of Housing and Urban Development, under specified conditions, to make repayable emergency mortgage relief payments on behalf of homeowners who are delinquent in their mortgage payments. Provides that such payments shall include the principal, interest, taxes, ground rents, hazard insurance, and mortgage insurance premiums not to exceed $250 per month. Directs that such payments may continue for a period of up to twelve months. Requires that the Secretary make periodic reports to Congress of action under this program.
![Official portrait of Rep. St Germain, Fernand J. [D-RI-1]](https://www.congress.gov/img/member/s000762_200.jpg)