United States · United States Congress · 1 March 1973
Securities Exchange Act Amendments - Title I: Selection and Administration of the Securities and Exchange Commission - Provides that any commissioner of the Securities and Exchange Commission may be removed by the President for neglect of duty or misfeasance in office, but for no other cause. Sets forth procedures for the appointment of a Commission chariman. Authorizes the Commission to conduct its own civil litigation, including litigation in the Supreme Court. Requires the Commission to submit any budget request to the Congress concurrently with transmittal to the Office of Management and Budget. Provide that when the Commission transmits any legislative recommendations, testimony, or comment on legislation to the Executive, it shall concurrently transmit a copy to the Congress. Title II: Regulation of Exchanges and Associations - Includes within the term "member," for purposes of the Act, any person who agrees to be regulated by an exchange and with respect to whom the exchange undertakes to enforce the Federal securities laws and the exchange rules. Makes registered national securities exchanges and associations subject to identical regulatory provisions. States that any registered broker or dealer meeting applicable captial or competency requirements must be allowed to join any registered national securities exchange. Requires at least half of the governing body of every such exchange to be composed of "public representatives," and requires the exchange to provide adequate resources to permit the public representatives to employ staff or retain professional personnel independent of the exchange staff. Prohibits registered national securities exchanges from imposing any schedule of prices or fixing rates of commissions, allowances, discounts, or other charges subject to a statutory timetable for the elimination of the current fixed minimum commission rate system. Gives persons denied membership on an exchange the right to seek review of such denial by the SEC and the courts. Permits members disciplined by an exchange to appeal such action to the SEC and to the courts. Provides that any proposed change in exchange rules must be filed with the SEC, which must publish such proposed change and allow interested persons a reasonable opportunity for comment thereon. States that the proposed change shall take effect sixty days after publication by the SEC unless the SEC disapproves it. Allows registered national securities exchanges, with the concurrence of the SEC, to share the cost, functions and responsibility of the conduct of examinations and inspections of members, and to furnish copies of any reports of inspections or examinations to each other. Establishes new procedures to be followed by the Commission in compelling exchanges and registered associations to change their rules, and in regulating off-floor trading by exchange members. Provides for a ban on transactions with "affiliated persons," as defined by this Act, to be effective on February 1, 1974. Gives the SEC the authority to suspend or expel exchange members who have violated exchange rules. Directs the Commission to take such steps as are within its power to establish a national market system for securities transactions by February 1, 1975, and to report annually to the Congress its progress in such an undertaking. Prohibits national securities exchanges and national securities associations from preventing their members from executing transactions for customers in other markets whenever those markets offer a better price to such customers. Requires the SEC to adopt rules to assure that customers are getting best price from their brokers. Prohibits national securities exchanges and national securities associations from preventing its members from participating in any registered clearing agency or securities depository. Gives the SEC authority to investigate and bring injunctive actions for violations of National Association of Securities Distributors rules and exchange rules, and to bring injunctive actions to compel a registered national securities exchange or association to enforce compliance with the rules of such exchange or association. Title III: Financial Responsibility; Regulation of Brokers,-Dealers and Members; Reports and Examinations - Broadens existing prohibitions on improper hypothecation of securities by brokers, dealers and members to embrace improper lending of such securities. Requires all members of a registered national securities exchange to register with the SEC. Requires persons registering as brokerdealers to file certified financial statements with their application, (rather than verified statements). Requires the Commission to order effective an application for registration as a broker-dealer. Requires that, within six months of the granting of an application for registration, the Commission, or an exchange or the NASD as designated by the Commission, examine the new broker-dealer to determine whether it is operating in conformity with the Federal securities laws. Adds armed robbery and grand larceny to the list of statutory offenses which bar a person from becoming a broker-dealer. Requires the Commission, in cooperation with the exchanges and the NASD, to devise and administer a uniform examination which, with respect to partners, officers, and supervisory employees shall include questions relating to enumerated matters. Directs the SEC, by no later than January 1, 1974, to establish minimum capital requirements, providing for ample, liquid and permanent capital for brokers, dealers and members. Authorizes the Commission to classify brokers, dealers and members for purposes of establishing such requirements. Prohibits the SEC from exempting from such requirements any broker, dealer or member. Requires registered national securities exchanges to furnish copies of documents to the SEC upon request. Requires registered brokers, dealers and members to supply their customers with certified comparative balance sheets and income statements. Authorizes the Commission to adopt rules concerning a consolidated transactional tape and a composite quotation system and to prescribe uniformity in accounting procedures and systems of brokers and dealers and members. Title IV: Security Processing - Authorizes the Commission to make rules applicable to brokers or dealers regulating the time and method of making settlements, payments and deliveries and closing of accounts. Provides that, in the exercise of this rulemaking authority, the Commission shall not affect the authority of the Board of Governors of the Federal Reserve System to regulate securities credit. Requires clearing agencies, securities depositories and transfer agents to register with the SEC, and establishes appropriate procedures. Sets forth procedures under which the Commission must grant or deny applications for registration of clearing agencies and securities depositories. Authorizes the Commission to establish terms and conditions under which a clearing agency, securities depository or transfer agent may withdraw from registration. Gives the SEC direct rulemaking power over clearing agencies, securities depositories and transfer agents. Empowers the SEC to review clearing agency or securities depository action in the areas of disciplinary action or denial of admission to a participant. Grants the Commission disciplinary powers with respect to clearing agencies, securities depositories and transfer agents. Directs the SEC to, on or before December 31, 1976, take appropriate steps to eliminate the use of the stock certificate as a means of settlement of securities transactions between brokers and dealers. Authorizes the Commission to grant confidential treatment to material filed with it only under very limited conditions, including a finding that disclosure is not in the public interest. Empowers the Commission to prescribe rules with respect to the form or format of securities issued by companies, any class of whose securities is registered under the Act, or which would be required to be so registered except for the exemption from registration provided for securities of registered investment companies or insurance companies under certain conditions. Directs every issuer whose securities are registered on a national securities exchange to consolidate in a single person the functions of transfer agent and registrar. Directs the Securities and Exchange Commission to conduct a study to consider the public policy implications of the growing practice of registering securities in "street name" and to determine whether steps can be taken to facilitate communications between corporations and their shareholders while, at the same time, retaining benefits of such registration. Prohibits the imposition of state or local taxes on securities, or on the transfer of securities, solely because the facilities of a registered clearing agency or securities depository are physically located in the taxing jurisdiction. Requires registered national securities exchanges, associations, brokers, dealers, clearing agencies and securities depositories to: (1) report information about missing, lost or stolen securities to the SEC or such person as the SEC designates; and (2) require the fingerprinting of partners, directors, officers, and employees and the submittal of such fingerprints to the Attorney General of the United States for identification and appropriate processing. Title V: Miscellaneous - Requires the SEC to include in its annual report to Congress certain designated information concerning the Commission's administration of the Freedom of Information Act. Raises the amount of the registration fee every national securities exchange must pay to the SEC from 1/500th of one percent to 1/100th of one percent of the dollar amount of sales of securities (other than certain Governmental obligations) transacted on that exchange. Requires the SEC to order the registration of an investment adviser effective (rather than, as presently, allowing such registration to take effect by the passage of time). (Amends 15 U.S.C. 78d-78w)
United States · United States Congress · 1 March 1973
Health Care Insurance Act - Provides, under the Social Security Act, for medical, dental, and hospital care through a system of voluntary health insurance financed in whole for low-income groups through issuance of certificates, and in part for all other persons through allowance of tax credits. Adds to the Social Security Act a new title entitled Federal Financing of Voluntary Health Insurance. Provides that, for the purpose of providing assistance on behalf of the individuals and their dependents whose income and resources are insufficient to meet the costs of necessary medical, dental, and hospital services, there is established a program of hospital, dental, and medical benefits for any eligible beneficiary and his dependents through the issuance of health insurance certificates, in full payment of allowable premium on a qualified health care insurance policy of his choice. Asserts that health insurance certificiates of entitlement will be redeemable by the carrier by payment from the Federal Health Insurance Redemption Fund. Includes as eligible beneficiaries under this title any husband and wife both under age 65 and living together and any unmarried person under age 65 who is not a dependent beneficiary. Defines a dependent beneficiary as any child of an eligible beneficiary receiving more than 50 percent of his support from the eligible beneficiary, which child is under 21, or if a student, under age 23. Provides that every individual who is an eligible beneficiary whose income results in no individual income tax liability during his base year, whose dependent beneficiaries have no such liability for their taxable years which end during his base year, and who is not eligible to receive military medical care, shall be eligible to receive a health insurance certificate of entitlement. Asserts that such certificates shall be applicable in full payment of allowable premiums for a qualified health care insurance policy or plan. Requires that such policy or plan shall provide protection for the eligible beneficiary and his dependent beneficiaries for a 12-month period beginning during his benefit year against the expenses of health care, including catastrophic expenses of illness. Allows tax credits for health care insurance. Asserts that every individual who is an eligible beneficiary who has not elected, where eligible, to receive benefits under the provisions for fully-paid health care insurance for the low-income group and who is not eligible to receive military medical care, shall be allowed at his election a credit against his income tax liability for his taxable year which ends during his base year; or a health insurance certificate of entitlement acceptable by a qualified carrier in payment toward a premium, under a qualified health care insurance policy. Specifies the amount of the tax credit or the value to be assigned to the health insurance certificate on the basis of allowable premiums. Provides that a health insurance certificate of entitlement means a certificate issued by the Secretary of Health, Education and Welfare upon application to him by an eligible beneficiary to apply toward payment of premium on a qualified health care insurance policy or plan. Specifies that a qualified health care insurance policy or plan shall be a contractual agreement specifying benefits under a program offered by a qualified carrier which has been registered by a State Agency and which provides basic institutional and medical coverage and catastrophic expense coverage. Declares that each such qualified health care insurance policy or plan shall be noncancellable and guaranteed renewable so long as the carrier continues to offer to the public one or more qualified health care insurance policies or plans, shall provide protection against the expense of health care without regard to any pre-existing conditions, and shall provide for payment under this title of usual and customary charges for services covered under the policy or plan. Stipulates what costs shall be included under basic coverage and under catastrophic expense coverage. Establishes deductibles for each of the two types of coverage. Creates a Health Insurance Advisory Board which shall consist of eleven persons including the Secretary of Health, Education, and Welfare and the Commissioner of the Internal Revenue Service. Directs that the remaining members, not otherwise in the employ of the Government, shall be appointed by the President, with the advice and consent of the Senate, without regard to the provisions of title 5, United States Code, governing appointment in the competitive service. Asserts that the Secretary of HEW shall serve as Chairman. Provides that the members shall be selected from persons who are specifically qualified to serve on such Board by virtue of their education, training, or experience. Provides that the Health Insurance Advisory Board shall perform such functions as: (1) prescribe such regulations as may be necessary to carry out the purposes and provisions of this Act; (2) establish minimum Federal standards for the use of State insurance departments in determining whether an insurance company and plan are qualified under this Act; (3) in consultation with carriers, providers of services, and consumers, plan and develop programs whose purposes are to provide for maintaining the quality of medical care; and (4) review the effectiveness of the tax credit program and file an annual report. Grants the States the power to decide which carriers are qualified. Forbids any Federal officer or employee to exercise any supervision or control over the practice of medicine or dentistry or the manner in which medical or dental services are provided, or over the selection, tenure, or compensation of any officer or employee or any institution, agency, or person providing health services; or to exercise any supervision or control over the administration or operation of any such institution, agency, or person. Creates in the Treasury a trust fund to be known as the Federal Health Insurance Redemption Fund to consist in part of an amount equal to the aggregate amount of premiums paid under this title through the redemption of health insurance certificates.
United States · United States Congress · 1 March 1973
Makes appropriations to carry out the provisions of the Motor Vehicle Information and Cost Savings Act for the fiscal year ending June 30, 1073, of a total of $23,000,000.
United States · United States Congress · 22 February 1973
Provides, under the Horse Protection Act, that any person who forcibly assaults, resists, opposes, impedes, or interferes with any person while engaged in or on account of the performance of his official duties under such Act shall be fined not more than $5,000, or imprisoned not more than three years, or both. Provides that whoever, in the commission of such acts, uses a deadly or dangerous weapon shall be fined not more than $10,000, or imprisoned not more than ten years, or both. States that whoever kills any person while engaged in or on account of the performance of his official duties under the Act shall be punishable in accordance with the penalties imposed for the killing of officers of the United States. (Amends 15 U.S.C. 1825) Removes the citing of $100,000 on the annual authorized appropriations under the Horse Protection Act. (Amends 15 U.S.C. 1831)
United States · United States Congress · 22 February 1973
Makes inapplicable to the aged, blind and disabled the existing provision of the Social Security Act limiting to 10 percent the portion of the total amounts paid to a State as grants for social services which may be paid with respect to individuals who are not actually recipients of or applicants for aid or assistance.
United States · United States Congress · 21 February 1973
Requires States to pass along to individuals who are recipients of aid or assistance under the Federal-State public assistance programs or under specified other Federal programs, and who are entitled to social security benefits, the full amount of the 1972 increase in such benefits, either by disregarding it in determining their need for assistance or otherwise. Makes the same requirement with regard to Veterans' benefits and pensions.
United States · United States Congress · 7 February 1973
District of Columbia Insurance Act - Title I: District of Columbia Post Assessment Insurance Guaranty Association Act - District of Columbia Insurance Guaranty Association Act - Creates in the District of Columbia a nonprofit unincorporated legal entity to be known as the District of Columbia Insurance Guaranty Association. Gives it jurisdiction over specific kinds of direct insurance. Provides that the Board of Directors of the Association shall consist of not less than five nor more than nine persons and shall be selected by member insurers subject to approval of the Commissioner. Provides that for purposes of administration and assessment the Association shall be divided into: (1) the workmen's compensation insurance account; (2) the automobile insurance account; and (3) the account for all other insurance to which this Act applies. Directs the Association to submit to the Commissioner of the District of Columbia a plan of operation to assure the fair, reasonable and equitable administration of the Association. Grants the Commissioner powers relating to the administration of the Association. Exempts the Association from payment of all District of Columbia fees and taxes, except those levied on real or personal property. Title II: Amendment of the Life Insurance Act of the District of Columbia to Increase Capital Requirements of Life Insurance Companies - Increases the capital requirements of life insurance companies. Title III: Amendment of the Life Insurance Act of the District of Columbia to Increase Group Term Life Insurance Amount Limitations - Increases generally the limitation amounts for group life insurance under plans regulated by this Act. Permits any person insured under such a plan to make to any person, other than his employer, an absolute or collateral assignment of the rights and benefits conferred on him by the policy of such plan. Title IV: Amendment of the Fire and Casualty Act Regulating the Business of Fire, Marine, and Casuality Insurance in the District of Columbia - Sets forth minimum capital and surplus requirements for life insurance stock companies covered by this Act. Sets forth minimum surplus requirements for the mutual life insurance companies covered by this Act. Title V: Amendment of Amount of Contract with the Government of the District of Columbia for Which a Surety Bond is Required - Increases the amount for which surety bonds are required in contracts entered into with the District of Columbia.
United States · United States Congress · 7 February 1973
Act for Freedom of Emigration in East-West Trade - States that after October 15, 1972, products from any nonmarket economy country shall not be eligible to receive most-favored-nation treatment, such country shall not participate in any program of the Government of the United States which extends credits or credit guarantees or investment guarantees, directly or indirectly, and the President of the United States shall not conclude any commercial agreement with any such country during the period beginning with the date on which the President determines that such country: (1) denies its citizens the right or opportunity to emigrate; (2) imposes more than a nominal tax on emigration or on the visas or other documents required for emigration, for any purpose or cause whatsoever; or (3) imposes more than a nominal tax, levy, fine, fee, or other charge on any citizen as a consequence of the desire of such citizen to emigrate to the country of his choice. Provides that, before any of the aforementioned commercial agreements are entered into with any foreign country, the President shall submit to the Congress a report indicating that such country is not in violation of any of the requirements of the preceding paragraph.
United States · United States Congress · 6 February 1973
Provides that no license granted for the operation of a broadcasting station under the Communications Act of 1934 shall be for a longer term than five years. Provides for renewal of such license where the Federal Communications Commission finds that the public interest, convenience, and necessity would be served. Provides that an applicant for renewal who is legally, financially and technically qualified shall be awarded the license if such applicant shows that its broadcast service during the preceding license period has reflected a good-faith effort to serve the needs and interests of its area as represented in its immediately preceding and pending license renewal application and if it has not demonstrated a callous disregard for law or the Commission's regulations.
United States · United States Congress · 6 February 1973
Provides for the burial in the Memorial Amphitheater of the National Cemetery at Arlington, Virginia, of the remains of an unknown American who lost his life while serving overseas in the Armed Forces of the United States during the Vietnam conflict.
United States · United States Congress · 31 January 1973
Title I: Airline Passenger Right to Travel Act - Provides for the implementation of the Convention for the Suppression of Unlawful Seizure of Aircraft under the Federal Aviation Act of 1958. Authorizes the President to suspend air service to any foreign nation which he determines is encouraging aircraft hijacking by acting in a manner inconsistent with the Convention for the Suppression of Unlawful Seizure of Aircraft, or which he determines is used as a base of operations or training or as a sanctuary for terrorist organizations using the illegal seizure of aircraft as an instrument of policy. Authorizes the Secretary of Transportation to revoke, with the approval of the Secretary of State, the operating authority of foreign air carriers who fail to meet the minimum standards set by the Convention to effectively maintain the security measures relating to the transportation of persons in foreign air transportation covered by the Convention. Title II: Air Transportation Security Act - Directs the Administrator of the Federal Aviation Administration to prescribe regulations requiring that all passengers and property intended to be carried in the aircraft cabin be screened by weapon-detecting devices operated by the air carrier's employees. Requires the Administrator to acquire and furnish for the use by air carriers sufficient devices necessary for the purpose of this Act. Requires the Administrator to establish and maintain an air transportation security force of sufficient size to provide a law enforcement presence and capability at airports in the United States adequate to insure safety from criminal violence and air piracy of persons traveling in air transportation. Sets forth criminal penalties for carrying a weapon aboard an aircraft. Sets forth penalties for the willful and malicious imparting or conveying of false information concerning an attempt to carry out any prohibited act contained in the provisions of this Act.
United States · United States Congress · 26 January 1973
Requires the Secretary of Agriculture, in carrying out the Soil Conservation and Domestic Allotment Act, to make payments or grants of other aid to agricultural producers, including tenants and sharecroppers, in an aggregate amount not less than the sums appropriated therefor during the year with respect to which such payments or grants are made and measured by: (1) their treatment or use of their land, or part thereof, for soil restoration, soil conservation, or the prevention of erosion; (2) changes in the use of their land; (3) their equitable share, as determined by the Secretary, of the normal national production of any commodity or commodities required for domestic consumption; (4) their equitable share, as determined by the Secretary, of the national production of any commodity or commodities required for domestic consumption and exports adjusted to reflect the extent to which their utilization of cropland on the farm conforms to farming practices which the Secretary determines will best effectuate the purposes of the Act; or (5) any combination of the above. (Amends 16 U.S.C. 590h(b))
United States · United States Congress · 23 January 1973
Makes it a Federal crime to kill or assault a fireman or law enforcement officer engaged in the performance of his duties when the offender travels in interstate commerce or uses any facility of interstate commerce for such purpose. Provides for imposition of a sentence for a term of years up to life or upon the recommendation of the jury, death for the killing of such persons. (Adds 18 U.S.C. 1116)
United States · United States Congress · 23 January 1973
Voluntary Military Special Pay Act - Sets forth special pay rates of officers of the Army or Navy in the Medical or Dental Corps, officers of the Air Force designated as medical officers or dental officers, and medical and dental officers of the Public Health Service. Authorizes a member of a uniformed service who has completed at least 21 months of active duty, who has a critical military skill, and who reenlists in the service to be paid an incentive amount, not to exceed six months of the basic pay to which he was entitled at the time of his discharge or release, multiplied by the number of years of additional obligated service, not to exceed 6 years, or $15,000, whichever is the lesser amount. Provides that a person who enlists in an armed force for a period of at least 3 years, or who extends his initial period of active duty in that armed force to a total of at least 3 years, may be paid an incentive amount of up to $3,000. Grants special incentive pay, not to exceed $12,000 annually, for officers of the uniformed services in critical health professions, who execute written agreements to remain on continuous active duty for a specified number of years. Requires an annual report on this special pay program to the House and Senate Committees on Armed Services. Authorizes special incentive pay, not to exceed $4,000 annually, for officers of armed forces who agree to serve on continuous active duty in a critical shortage specialty for a period of between one to six years. Provides for special incentive pay at specified rates for specified periods for participants in the Selected Reserve of the Ready Reserve of an armed force. Sets forth conditions participants must meet for eligibility. (Amends 38 U.S.C. 302, 308, 308a, 311, 313, 314)
United States · United States Congress · 18 January 1973
Urgent Supplemental Appropriations Act - Authorizes an urgent supplemental appropriation for the fiscal year 1973 of $1,800,000 for an additional amount for operating expenses for the national industrial reserve established by the National Industrial Reserve Act of 1948.
United States · United States Congress · 15 January 1973
Constitutional Amendment - Provides that no public school student shall, because of his race, creed, or color, be assigned to or required to attend a particular school. Grants Congress the power to enforce this article by appropriate legislation.
United States · United States Congress · 3 January 1973
Residential Treatment Centers for Emotionally Distrubed Children in the District of Columbia Act - Directs the Commissioner of the District of Columbia to plan, establish, maintain, and operate residential treatment centers to be located in each community health catchment area for emotionally distrubed children which shall provide the following services on a twenty-four hour basis to outpatient children: (1) psychiatric treatment; (2) medical and dental treatment; (3) psychological services; (4) educational services; (5) medical and dental treatment; (3) psychological services; (4) educational services; (5) recreational therapy; (6) social services to relate the child to his or her family and to the community; and (7) nutritional services. Provides for the rental, remodeling, renovation, alteration and construction of facilities and the acquisition of necessary equipment and supplies, consultation, and educational services to other child-serving agencies, volunteer services, and such other services as the Commissioner deems appropriate. Establishes requirements for the staffing and patient load of such residential treatment centers. Provides for the administration of the centerss by the Commissioner of the District of Columbia in conjunction with the District of Columbia Council for Emotionally Disturbed Children, and authorizes appropriations of not less than $4,000,000 for each fiscal year after June 30, 1972 for the cost of operating the residential treatment centers and such sums as may be necessary for renting, remodeling, renovating, altering, constructing, or acquiring facilities to house such centers.
United States · United States Congress · 3 January 1973
Extends to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than twenty days after the date of the enactment of this Act. (Amends 26 U.S.C. 1)
![Official portrait of Rep. Stuckey, W. S. (Bill), Jr. [D-GA-8]](https://www.congress.gov/img/member/s001039_200.jpg)