United States · United States Congress · 30 July 1986
Directs the Secretary of Agriculture to make available at no cost to farmers and ranchers in drought disaster areas (as defined by this Act) surplus Commodity Credit Corporation (CCC) commodities (including transportation costs) for emergency livestock or poultry feed. Directs the Secretary to use specified regulations issued under the Food and Agriculture Act of 1977 to determine feed needs and commodity amounts. Makes such assistance available until the earlier of the period beginning three days after enactment of this Act and ending March 31, 1987, or the date, as determined by the Secretary, on which the emergency no longer exists. Directs the Secretary to make emergency livestock and poultry feed assistance available under section 1105 of the Food and Agriculture Act of 1977 to farmers and ranchers in drought disaster areas. Provides for in-kind reimbursement from CCC stocks. Directs the Secretary to permit any 1986 drought-affected producer of wheat, feed grains, upland cotton, or rice who is participating in specified acreage reduction programs under the Agricultural Act of 1949 to devote such acreage to hay or grazing without regard to certain limitations imposed by such Act. Directs the President, in carrying out on emergency assistance program under the Disaster Relief Act of 1974, to require the Secretary to implement an emergency hay program, including paying 80 percent of transportation costs. Stipulates that such program shall be undertaken only if the Secretary determines, after consultation with the Governor and other State officials, that: (1) available stocks of hay are insufficient; and (2) emergency feed assistance and additional haying and grazing acreage will be insufficient to prevent substantial livestock loss or herd liquidations. Makes such emergency feed assistance and additional haying and grazing provisions effective 15 days after enactment of this Act. States that such assistance shall be available until the earlier of March 30, 1987, or the date, as determined by the Secretary, on which the emergency no longer exists. Directs the Secretary to make disaster payments in-kind to requesting producers of 1986 wheat, feed grain, upland cotton, rice, soybean, and peanut crops in drought areas. Limits aggregate payments to any one producer to $100,000. Prohibits reductions in the price received by milk producers in drought areas for the period beginning August 16, 1986, and ending November 15, 1986. Increases such reductions during the period beginning November 16, 1986, and ending September 30, 1987, in order to make up for such prohibited price reductions. Directs the Secretary to make cost-sharing payments (at least 50 percent) available in drought areas for: (1) conservation measures designed to prevent soil erosion due to loss of vegetative cover; and (2) reestablishment of stands of pine trees. Provides for in-kind cost-sharing payments. Makes such assistance available during the period beginning 15 days after enactment of this Act and ending March 30, 1987. Authorizes the Secretary, in making in-kind payments, to use commodities owned by the CCC, or pledged to the CCC, as loan security. Permits such payments to be made by: (1) warehouse delivery; (2) transfer of negotiable warehouse receipts; (3) issuance of negotiable commodity certificates; or (4) other appropriate methods. Expresses the sense of the Congress that the Secretary of Agriculture should: (1) establish a coordinating mechanism within the Department of Agriculture to coordinate Federal assistance; (2) ensure that Government and voluntary agencies, and the farmers and ranchers, in each natural disaster area are provided a single contact person or unit for Federal assistance, and that a similar contact is provided for assistance from outside such areas; and (3) consult with the Governor and other appropriate State officials concerning the disaster needs of affected farmers and ranchers.
United States · United States Congress · 29 July 1986
Department of Justice Narcotics Control Act of 1986 - Authorizes appropriations for FY 1987 for: (1) additional assistant United States attorneys; and (2) the Drug Enforcement Administration for additional special agents and voice privacy radios.
United States · United States Congress · 29 July 1986
Department of Defense Narcotics Enforcement Assistance Act of 1986 - Authorizes appropriations to the Department of Defense for FY 1987 for enhancement of drug enforcement assistance activities for: (1) procurement; (2) operation and maintenance; and (3) intelligence collection activities. Directs the Secretary of Defense to make available to the U.S. Customs Service certain aircraft authorized to be purchased under this Act. Requires the transfer of a specified sum authorized to be appropriated under the Department of Defense Authorization Act, 1986 to the Secretary of Transportation to be used for members of the Coast Guard assigned to drug interdiction assistance activities under such Act.
United States · United States Congress · 29 July 1986
Coast Guard Drug Interdiction Enhancement Act of 1986 - Authorizes appropriations to the Coast Guard for the acquisition of secure radio equipment. Increases by 1,500 the strength level of active-duty military personnel of the Coast Guard for FY 1987. Authorizes additional appropriations for the Coast Guard for FY 1987 for operation and maintenance expenses related to such additional personnel.
United States · United States Congress · 21 July 1986
Amends part A (Aid to Families with Dependent Children) of title IV of the Social Security Act to permit States to require parents and relatives of a child under six years of age who are personally providing care for the child to register for work incentive programs.
United States · United States Congress · 26 June 1986
Amends the Temporary Emergency Food Assistance Act of 1983 to require that excess cheese held by the Commodity Credit Corporation be made available, at the request of the chief executive officer of a State, upon a showing of need, and without charge, for distribution by eligible agencies in the State.
United States · United States Congress · 19 June 1986
Medicare Timely Payment Amendments of 1986 - Amends parts A (Hospital Insurance) and B (Supplementary Medical Insurance) of title XVIII (Medicare) of the Social Security Act to require fiscal intermediaries and carriers to pay the claims of Medicare providers and beneficiaries, and give such providers and beneficiaries notice of improperly submitted claims, within 22 days of receiving such claims (unless payment is made on a periodic interim payment basis). Requires the Federal Government to pay the interest accruing on such claims for the period during which the payment or notice is past due. Prohibits the Secretary of Health and Human Services from modifying certain regulations relating to the periodic interim payment method of reimbursing providers.
United States · United States Congress · 18 June 1986
Social Security Administrative and Investment Reform Act of 1986 - Title I: Establishment of the Social Security Administration - Amends title VII (Administration) of the Social Security Act to establish as an independent executive agency a Social Security Administration, headed by a Social Security Board. Provides that it shall be the duty of the Administration to administer the programs established by titles II (Old Age, Survivors and Disability Insurance) and XVI (Supplemental Security Income) of the Social Security Act. Requires the Board to study and make recommendations as to the most effective methods of providing economic security through social insurance and as to legislation and matters of administrative policy. Establishes in the Administration: (1) a Commissioner of Social Security; (2) a Deputy Commissioner of Social Security; (3) a General Counsel; (4) an Inspector General; and (5) an Office of the Beneficiary Ombudsman, to be headed by a Beneficiary Ombudsman who shall represent the interests of beneficiaries under the Old Age, Survivors and Disability Insurance program and the Supplemental Security Income Program within the Administration. Requires the annual report of the Board to include a description of the activities of the Beneficiary Ombudsman. Requires the Board to make annual budgetary recommendations relating to the Administration. Requires that appropriations requests by the Administration for staffing and personnel be based upon a comprehensive workforce plan as established by the Board. Provides for the apportionment of administrative costs. Requires the annual report of the Board to include a section reflecting the use of budget authority provided to the Administration. Requires that authority for automated data processing procurement and facilities construction be provided in the form of contract authority covering the total cost of such acquisitions. Makes amounts needed for the liquidation of contract authority so provided available from the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to the extent that such amounts are not needed to meet current obligations for benefit payments. Requires the Board and the Director of the Office of Personnel Management to implement demonstration projects relating to personnel matters. Directs the Board and the Administrator of General Services to implement such projects relating to delegations from the Administrator. Specifies the authorities which are to be delegated to the Board from the Administrator and the Director. Requires the Comptroller General to report to specified congressional committees concerning such projects, including an evaluation of the Board's readiness to assume full and permanent authority. Requires the Board to cause a seal of office to be made and judicial notice taken thereof. Provides for the transfer to the Administration of all functions carried out by the Secretary of Health and Human Services with respect to the programs and activities to be carried out by the Administration under this Act. Abolishes the position of Commissioner of Social Security in the Department of Health and Human Services. Sets forth effective date and transitional rule provisions. Title II: Conforming Amendments and Rules of Construction - Requires the Secretary and the Board to report to the Congress within 120 days after the beginning of each regular session on their administration under this Act. Requires the Secretary to study and make recommendations on the most effective methods of providing economic security and on the administrative policy for the programs. Directs the Board to appoint, quadrennially, an Advisory Council on the Old-Age, Survivors, and Disability Insurance Program and an Advisory Council on Health and Supplementary Medical Insurance to review the relation of the trust funds supporting the OASDI program and the Medicare program and the long-term commitments of those programs. Requires each council to submit a report to the Board for transmittal to the Congress and the Board of Trustees of each Trust Fund. Title III: Management of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund - Amends the OASDI program to direct the Managing Trustee of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (OASDI trust funds) to immediately invest that portion of the OASDI trust funds which is not required for current withdrawals. Requires the investment to be made in accordance with policies established by the Social Security Board. Prohibits the sale and redemption of OASDI trust fund assets or the expenditure of OASDI trust fund amounts for purposes other than those specified in title II of the Act. Requires members of such trust funds' Board of Trustees to faithfully execute their duties, but does not impose a fiduciary duty. Requires that, in consideration of the public debt limit, required investment of trust fund amounts occur prior to the issuance of other obligations. Directs that tax receipts earmarked for the OASDI program be immediately transferred (currently, monthly transfers are made) from the general fund of the Treasury to the OASDI trust funds. Requires the Board of Trustees of the OASDI trust funds to meet at least twice each year. Sets forth provisions requiring reports by the Board of Trustees and the Managing Trustees to the Congress regarding the operation and status of the OASDI trust funds. Title IV: Additional Matters - Amends the OASDI program to prohibit the payment of OASDI benefits to individuals who have been deported pursuant to the Immigration and Nationality Act because of activities conducted under the direction of or in association with the Nazi government of Germany or its allies. Requires individuals to be paid interim benefits in cases where an administrative law judge has determined their entitlement to certain OASDI or SSI (Supplementary Security Income) benefits, but the Secretary's final decision has not been issued within 90 days of the judge's decision. Excludes any representative of the Department of Health and Human Services, the Social Security Administration, any other agency of such department, or an involved State agency from appearing as a party at an OASDI or SSI benefit hearing or participating in the development of the record of such hearing, unless, in the latter case, the presiding officer requests such participation.
United States · United States Congress · 17 June 1986
Amends the National Housing Act to extend authority through FY 1987 for: (1) title I financial institution insurance for housing renovation and modernization; (2) general mortgage insurance; (3) low and moderate income and displaced families mortgage insurance; (4) homeownership for lower income families including mortgage insurance authority and housing stimulus authority; (5) mortgage co-insurance, including rental rehabilitation and development projects; (6) graduated payment and indexed mortgage insurance; (7) the demonstration mortgage reinsurance program; (8) mortgage insurance for armed forces' civilian employees and defense housing for impacted areas; (9) mortgage insurance for land development; and (10) mortgage insurance for medical and dental group practice facilities. Sets forth specified limits on FY 1986 and 1987 insured housing loans and on FY 1987 guaranteed mortgage-backed securities. Amends the Housing Act of 1964 to extend urban rehabilitation loan authority through FY 1987. Amends the Housing Act of 1949 to extend Farmers Home Administration authority through FY 1987 for: (1) insured loans for rental and cooperative housing and related facilities for elderly persons and families in rural areas; (2) rural communities with 10,000 to 20,000 population to participate in rural housing programs; and (3) mutual and self-help housing grant and loan authority. Amends the National Flood Insurance Act of 1968 to extend authority for national flood insurance, including emergency implementation and flood-risk zones through FY 1987. Amends the National Housing Act to extend authorities for the national crime insurance program and existing contracts through FY 1987. Amends the Housing and Community Development Act of 1974 to extend community development block grant entitlement authority for certain metropolitan city and urban county areas through FY 1987. Amends the Housing and Urban-Rural Recovery Act of 1983 to extend for 30 days the maximum interest rate limitation on loans for housing and related facilities for elderly or handicapped families through FY 1987. Extends the Home Mortgage Disclosure Act through FY 1987.
United States · United States Congress · 4 June 1986
Amends the Disaster Relief Act of 1974 to establish a cost-sharing formula for certain Federal disaster assistance programs. Declares the Federal share of assistance to be 75 percent for the repair of damaged public facilities and debris removal on the condition that remaining costs are paid by a State or local government. Declares the Federal share of assistance to be 100 percent for: (1) unemployment assistance; (2) temporary housing assistance; and (3) crisis counseling assistance and training.
United States · United States Congress · 22 May 1986
Amends the Internal Revenue Code to allow homeowners to deduct the full amount of prepaid interest in connection with the refinancing of their principal residences for the taxable year in which paid.
United States · United States Congress · 22 May 1986
Constitutional Amendment - Requires the President, prior to each fiscal year, to transmit to the Congress a proposed Federal budget in which total outlays do not exceed total estimated revenues. Permits the President to recommend an alternative budget in which outlays exceed revenues with a detailed explanation of the need for such excess. Prohibits the Congress from making any law which would cause outlays to exceed revenues in a fiscal year. Permits the Congress to suspend such prohibition in time of war or national emergency by passing a concurrent resolution by a three-fifths vote of both Houses. Prohibits enactment of a bill to increase revenue unless it passes each House of Congress by a majority rollcall vote.
United States · United States Congress · 8 May 1986
Rural Health Care Improvement Act of 1986 - Amends part A (General Provisions) of title XI of the Social Security Act to require that whenever the Secretary of Health and Human Services proposes a regulation or promulgates a final version of a regulation under titles XVIII (Medicare), XIX (Medicaid), or part B (Peer Review) of title XI of the Act which will have a substantial impact on small rural hospitals, the Secretary make a regulatory impact analysis available to the public. Amends the Medicare program to continue, beyond FY 1986, current law regarding Medicare payment to sole community hospitals for capital-related costs, treating such costs as distinct from operating costs of inpatient hospital services. Provides certain small sole community and rural hospitals with payment for extremely high cost cases (outlier payments) which represent five or six percent of the total payments made to such hospitals. Sets aside ten percent of amounts expended by the Secretary on certain experiments and demonstration projects for projects relating exclusively to rural health issues. Requires fiscal intermediaries to pay certain small rural hospitals for Medicare claims, at the latest, 30 days after receiving the request for such payment. Amends title VII (Administration) of the Act to establish an Office of Rural Health Policy in the Office of the Administrator of the Health Care Financing Administration to: (1) advise the Administrator regarding the effects of changes in the Medicare and Medicaid programs on rural health; and (2) oversee compliance with provisions of this Act requiring regulatory impact analysis and rural health demonstration projects.
United States · United States Congress · 7 May 1986
Expresses the sense of the Congress that dairy cattle designated for slaughter under the dairy buyout program should be instead shipped to the Soviet Union and any European countries found to have been contaminated by the Chernobyl nuclear accident and to those countries not contaminated by the accident but which can provide food products to affected areas. Provides that feed grain from the Commodity Credit Corporation as well as dairy beef resulting from the buyout program's slaughtering activities should be made available to the stricken countries.
United States · United States Congress · 5 May 1986
Declares that the President should: (1) suspend the importation of food and drink from countries affected by radioactive contamination from the Chernobyl accident until such countries can show that such food and drink are safe; and (2) appoint a task force to establish guidelines for the resumption of importation of such food products. Requires that the ban on such imported food products remain in effect until such guidelines are formed and put into effect.
United States · United States Congress · 29 April 1986
Declares that the House of Representatives: (1) condemns the Soviet Union's failure to provide notification and information about the nuclear accident at Chernobyl; and (2) calls upon the Soviet Union to permit outside nuclear experts to assist with the accident and to allow the international press corps to cover the situation.
United States · United States Congress · 23 April 1986
Amends the Internal Revenue Code to increase the percentage depletion allowance for oil and gas wells from 15 percent to 27 1/2 percent. Allows a percentage depletion allowance for stripper well oil and natural gas production of certain retailers and refiners.
United States · United States Congress · 17 April 1986
Farm Credit Assistance Act of 1986 - Title I: Agricultural Loan Interest Subsidy Program - Directs the Secretary of Agriculture to establish a Federal-State- Lender cooperative agricultural loan interest subsidy program to run through September 30, 1987. Sets forth borrower eligibility criteria, including a prohibition on borrowers who produce commodities on highly erodible land or converted wetland. Provides that with regard to such program, the interest rate shall be written down as follows: (1) two percentage points shall be paid by the Federal Government; (2) between one and two percentage points may be paid by a State; and (3) one percent of interest or at least 15 percent of the principal shall be canceled by the lender. Sets maximum aggregate loan principal at $400,000 for an individual, and $600,000 for a family corporation or partnership. Authorizes FY 1986 through 1989 program appropriations. Limits maximum aggregate fiscal year payments to $600,000,000. Requires States to submit a program plan to the Secretary of Agriculture for approval. Sets forth plan requirements, including the designation of a State administering agency. Title II: Farm Credit System Institution Borrowers - Subtitle A: Farm Credit System Loan Restructuring Program - Requires a Farm Credit System (System) institution to restructure, rather than foreclose, a loan to an eligible borrower if foreclosure costs equal or exceed restructuring costs. Sets forth borrower eligibility criteria and related appeal procedures. Requires the Capital Corporation to reimburse an institution for the amount of principal due on loans reduced by the institution if necessary to avoid insolvency or liquidation. Requires the Chairman of the Farm Credit Administration Board to submit a program report to the Congress within 270 days. Subtitle B: Farm Credit System Reform - Amends the Farm Credit Act of 1971 to require System institutions to provide borrowers with access to appraisals. Encourages System institutions to permit foreclosed borrowers to retain possession of their principal residences and a reasonable amount of adjoining land. Prohibits a System institution from raising the interest rate on a loan that has been reclassified as a risk or problem loan. Directs the Farm Credit Administration to make periodic determinations of System financial assistance needs. Limits System institution operating expenses to one percent above the average cost of System-issued bonds. Directs the Farm Credit Administration to issue regulations regarding the disposition and leasing of acquired farmland. Directs System institutions to give sale or lease priority to family-sized farms and to original owners or operators. Requires a borrower to buy System stock in order to be eligible to obtain a loan or to purchase by installment System-held farmland. Title III: Farmers Home Administration Borrowers - Requires the Secretary of Agriculture to restructure, rather than foreclose, a loan made under the Consolidated Farm and Rural Development Act if foreclosure costs equal or exceed restructuring costs. Sets forth borrower eligibility criteria and related appeal procedures. Prohibits the Secretary from requiring additional loan collateral if the borrower is current in the payment of principal or interest. Directs the Secretary to submit a program report to the Congress within 270 days. Amends the Consolidated Farm and Rural Development Act to authorize loans to farmers and ranchers for alternate crop production (as defined by this Act). Title IV: Miscellaneous Provisions - Provides for the establishment of an Inter-Agency Agricultural Task Force to assist commercial agricultural banks and borrowers to resolve present economic problems and to facilitate commercial bank lending to agriculture in the future. Requires semiannual reports to the appropriate congressional committees. Authorizes appropriations. Requires that no less than $30,000,000 nor more than $35,000,000 of specified funds appropriated for the interest rate reduction program be used to fund the interest rate buy-down program authorized under this Act for FY 1986.
United States · United States Congress · 17 April 1986
Declares that the House of Representatives, on behalf of the U.S. people, expresses its gratitude to the Government and people of the United Kingdom who assisted the United States in its exercise of self-defense against Libya and in the fight against state-sponsored international terrorism.
United States · United States Congress · 16 April 1986
Agricultural Credit Act of 1986 - Title I: Interest Subsidy Incentives for Restructuring Loans - Directs the Secretary of Agriculture, and a State at its option, to provide interest rate subsidies to lenders who defer principal or interest payments on agricultural loans. Limits eligible aggregate loan amounts. Sets forth rate reductions. Establishes a three-year deferral period. States that at the end of such period lenders may not charge interest rates in excess of existing comparable rates. Permits lenders to enforce pre-deferral loan terms in the event of a nonmonetary borrower default. Requires lenders to make a good faith effort to reduce principal or interest due before foreclosing, except in the case of a bankruptcy. Requires lenders to develop debt restructuring guidelines. Terminates Federal and State subsidy payments upon foreclosure. Directs the Secretary to use the Agricultural Credit Insurance Fund to carry out such subsidy program. Authorizes the use of additional specified funds under the Consolidated Farm and Rural Development Act. Title II: Conservation Provisions - Amends the Food Security Act of 1985 to prohibit such loan deferral assistance to producers who cultivate crops on erodible land or wetlands. Title III: Accounting Provisions - Amends the Federal Deposit Insurance Act to require the appropriate Federal banking agency to: (1) permit an insured agricultural bank to account for debt restructuring according to generally accepted accounting principles by not requiring a change in the recorded investment unless the investment exceeds total, reasonably anticipated, future receipts given the new terms of the loan; (2) establish a program of capital standard forbearance for such an insured bank for which capital reduction is attributable to problems in the agricultural sectors of the economy; and (3) implement call report requirements for renegotiated loans which authorize such loans to be disclosed as "restructured and in compliance with modified terms." Requires States to conform their appropriate regulations to such amendments. Prohibits a national banking association from holding real estate under mortgage or purchased to secure debts for longer than ten years with no extension (currently, five years with a five-year extension if approved by the Comptroller of the Currency). Directs the Comptroller of the Currency to establish new lending limits for banks covered by the capital standard forbearance program. Prohibits such lending limitation from exceeding 20 percent of the unimpaired capital and unimpaired surplus of the lending institution. Title IV: Miscellaneous - Directs the Secretary to prescribe implementing regulations within 30 days. States that any State law prohibiting fixed rate loans shall not apply to credit extensions under this Act. Sets forth penalties for misuse of funds under this Act.
United States · United States Congress · 15 April 1986
Imposes a moratorium on imports of Canadian beef from the 15th day after enactment of this Act until it is determined that such imports do not cause or threaten serious injury to U.S. beef industries. Requires the International Trade Commission (ITC) to determine, within six months of enactment of this Act, whether increased imports of Canadian beef are a substantial cause of serious injury or threat of serious injury to the U.S. beef industries. Ends the moratorium if the ITC finds that such imports are not a substantial cause of, or threat of, serious injury. Requires the ITC to update the study periodically if the ITC finds that serious injury has been caused or threatened. Terminates the moratorium, under such circumstances, when an update shows that the injury or threat of injury is no longer serious.
United States · United States Congress · 15 April 1986
Expresses the sense of the Congress that, in light of specified international human rights agreements, the Soviet Union should approve the exit visa applications of Doctor Naum Meiman and his wife, Inna Kitrosskaya, and arrange for them to go to the country of their choice. Urges the President to: (1) protest the Soviet Government's refusal to consider the exit visa applications of Dr. Meiman and his wife; (2) call upon all other signatory nations of the Helsinki Accords to join in such protest; and (3) instruct the U.S. delegation to the meeting of experts on human contacts organized under the auspices of the Conference on Security and Cooperation in Europe, to be held in Bern, Switzerland, to pursue this matter.
United States · United States Congress · 10 April 1986
Amends the Low-Income Home Energy Assistance Act of 1981 to specify the State allotment formula which the Secretary of Health and Human Services is required to use when implementing a presidential order requiring the sequestration (through the application of a reduction percentage) of budget authority provided for FY 1986 or any fiscal year thereafter.
United States · United States Congress · 10 April 1986
Secure Energy Supply Act of 1986 - Title I: Deduction and Special Net Operating Loss Treatment for Producers for Certain Losses On Crude Oil - Amends the Internal Revenue Code to permit crude oil producers to deduct as a qualified loss 100 percent of the amount by which the removal price of the oil is below the adjusted base price of such oil plus the amount of the severance tax adjustment with respect to such oil, in the case of independent producer oil, and 80 percent of such amount for all other domestic crude oil. Prohibits the aggregate loss deductions from exceeding the aggregate amount of windfall profit tax paid by such producer. Allows the qualified losses with respect to domestic crude oil to be carried back to each of the six taxable years preceding the taxable year of such loss. Repeals the windfall profit tax. Title II: Increase in Tariffs on Petroleum and Petroleum Products - Amends the Tariff Schedules of the United States to increase the duties on crude petroleum and fuel oils, crude shale oil, motor fuels, kerosene, and napthas imported into the United States (by specified amounts plus applicable offset amounts per barrel). Defines "applicable offset amount." Requires the Secretary of the Treasury to refund the applicable offset amount if the petroleum product on which such duty was paid: (1) was used as heating fuel or in the production of heating fuel; or (2) is necessary to the manufacturing process for products destined for export. Provides that revenues from the increased duties imposed by this Act shall be allocated to the Petroleum Tariff Account. Authorizes and directs the Secretary of the Treasury to pay out of such account any refunds which are allowed under this Act. Expresses the sense of the Congress that any funds in such account that are not needed to make such refunds should be used to reduce the Federal budget deficit. Title III: Filling Strategic Petroleum Reserve with Stripper Well Oil - Amends the Energy Policy and Conservation Act to require the Strategic Petroleum Reserve to be filled with crude oil produced in the United States from stripper wells or crude oil exchanged for stripper well oil. Requires the oil to be purchased at an adjusted base price level established under the Windfall Profit Tax Act. Authorizes appropriations for the purpose of filling the Strategic Petroleum Reserve. Title IV: Removal of Wellhead Price Controls and Repeal of Natural Gas Act Jurisdiction Over Certain First Sales of Natural Gas - Amends the Natural Gas Policy Act to remove the wellhead price controls on certain natural gas. Repeals Natural Gas Policy Act jurisdiction over certain sales of committed or dedicated natural gas. Repeals provisions relating to: (1) allowing the reimposition of price controls; and (2) reports to the Congress. Title V: Repeal of Certain Restrictions On the Use of Natural Gas and Petroleum - Repeals certain provisions of the Powerplant and Industrial Fuel Use Act of 1978 pertaining to restrictions on the use of natural gas and petroleum, including the restrictions on the construction of gas-burning electric power plants. Title VI: Repeal of Incremental Pricing Requirements - Repeals the incremental pricing requirements contained in the Natural Gas Policy Act. Title VII: Flexibility in Rescheduling or Marking Down Troubled Loans - Directs the chairmen of the Federal Reserve Board and the Federal Deposit Insurance Corporation to promulgate regulations granting financial institutions with energy-related loans greater flexibility in rescheduling or marking down troubled loans.
United States · United States Congress · 10 April 1986
Agriculture and Energy Assistance Act of 1986 - Amends the Federal Deposit Insurance Act to direct the appropriate Federal banking agency to allow an agricultural or energy bank which engages in troubled debt restructuring involving only modification of the terms of the original debt agreement to account for the effects of the debt restructuring prospectively and to continue to account for the bank's investment in the original debt agreement in the amount recorded by the bank prior to such restructuring (provided the investment is less than or equal to the anticipated cash receipts from restructuring) to the extent such methods of accounting are consistent with generally accepted accounting principles. Directs the appropriate agency to prescribe the manner in which a bank will report any troubled debt restructuring in reports of condition. Authorizes the appropriate agency to limit troubled debt restructuring when necessary to maintain a bank in safe and sound condition. Requires each appropriate agency to allow the capital of a qualified insured bank to fall below its minimum capital requirement. Permits the agency to limit the extent and duration of the shortfall as necessary to maintain a bank in a safe and sound condition. Defines a bank as "qualified" if it: (1) demonstrates that the capital shortfall is attributable to problems in the agricultural or energy sectors of the economy; (2) demonstrates that it is making good faith efforts to restructure troubled debt; (3) applies before January 1, 1988; (4) submits an acceptable plan for increasing its capital to the minimum required level by January 1, 1993; and (5) meets such additional conditions as the agency may establish. Requires the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation to report to the Congress annually on their administration of such debt restructuring and capital standard forbearance provisions and on the extent to which banks are utilizing such provisions. Prohibits a national banking association from holding real estate under mortgage or purchased to secure debt for longer than ten years with no extension (currently, five years with a five-year extension if approved by the Comptroller of the Currency). Provides that a national banking association which the Comptroller of the Currency allows to decrease its capital below its required minimum capital level shall, nevertheless, be deemed to have unimpaired capital and unimpaired surplus equal to such minimum level for purposes of lending limits.
United States · United States Congress · 10 April 1986
Expresses the sense of the House of Representatives that Federal funds for the Department of Agriculture's Cooperative Extension Service should be maintained at a level sufficient to prevent the reduction of benefits provided by such Service.
United States · United States Congress · 9 April 1986
Prohibits the issuance of a letter of offer with respect to specified proposed sales of Sidewinder, Stinger, and Harpoon missiles and services to Saudi Arabia, as described in the April 8, 1986, certifications from the President to the Congress under the Arms Export Control Act.
United States · United States Congress · 8 April 1986
Expresses the sense of the Congress that Federal telecommunications policy should maintain universal telephone service, retain nationwide toll rate averaging for interstate long distance calls, and reduce regulatory and administrative burdens on small telephone systems. Provides that any Federal access charge plan should: (1) support rural telephone systems through a universal service fund designed to ensure affordable rural telephone rates; (2) allocate to interstate long distance service no less than the proportion of the local telephone system access costs currently allocated to such service; (3) retain the current arrangement for the pooling of such costs; and (4) avoid collecting all of such costs by means of flat rate access charges.
United States · United States Congress · 20 March 1986
Amends the Agricultural Act of 1949 to repeal the provision basing deficiency payments for the 1986 through 1990 wheat and feed grain crops on the entire marketing year.
United States · United States Congress · 19 March 1986
Emergency Livestock Feed Assistance Act of 1986 - Requires the Secretary of Agriculture to implement an emergency (livestock) feed assistance program in States (currently includes Puerto Rico, Guam, and the Virgin Islands) threatened by natural disasters. (Current law authorizes but does not mandate such an assistance program.) Requires that requests for such assistance be made by the Governor of the affected State, after consultation with a special emergency board constituted in accordance with this Act. Requires at least a 30 percent feed loss in order to qualify for such assistance. Includes within program assistance (in addition to feed cost reimbursement): (1) transportation assistance; and (2) Commodity Credit Corporation feed donations and sales. Subjects a producer who sells such feed to civil and criminal penalties.
United States · United States Congress · 19 March 1986
Expresses the sense of the House of Representatives that Federal excise taxes and tariffs when incurred by business in the production of income should remain deductible for Federal income tax purposes.
United States · United States Congress · 17 March 1986
Expresses the sense of the Congress that the provisions of H.R. 3838, or of any similar tax reform legislation, should not take effect before the date of the enactment of such legislation.
United States · United States Congress · 13 March 1986
Powerplant and Industrial Fuel Use Act Amendments of 1986 - Amends the Powerplant and Industrial Fuel Use Act of 1978 to repeal the prohibition against: (1) the use of natural gas or petroleum as a primary energy source in new electric powerplants; and (2) the construction of new electric powerplants which cannot use coal or other alternate fuels as a primary energy source.
![Official portrait of Rep. Watkins, Wes [R-OK-3]](https://www.congress.gov/img/member/w000194_200.jpg)