United States · United States Congress · 8 January 1987
Authorizes the President, on behalf of the Congress, to present a gold medal to Andrew Wyeth in recognition of his contributions to American art and culture. Authorizes appropriations. Authorizes the Secretary of the Treasury to sell bronze duplicates of the medal.
United States · United States Congress · 8 January 1987
Promotion of Democracy in Ethiopia Act of 1987 - Declares U.S. policy: (1) regarding human rights and opportunities; (2) condemning the resettlement program and human rights abuses in Ethiopia; (3) calling for human and civil rights and for free elections in Ethiopia; and (4) supporting democratic resistance forces in Ethiopia. Requires such sanctions imposed by this Act against Ethiopia to terminate if the President certifies to the Congress that Ethiopia: (1) respects the human rights of its people; (2) has granted basic civil rights to its people; (3) has terminated and dismantled its resettlement program; (4) has freed all political prisoners; (5) has established a legal system that assures the participation of all its people; and (6) has held or scheduled free and fair elections. Directs the President to report to the Congress every six months on the progress Ethiopia has made in meeting such conditions. Prohibits coffee imports from Ethiopia. Prohibits any U.S. national: (1) from making a loan or extending credit to Ethiopia or to any organization owned or controlled by Ethiopia; and (2) from making any new investment in Ethiopia. Exempts from such prohibitions loans and investments made before enactment of this Act. Prohibits Ethiopia from receiving nondiscriminatory (most-favored-nation) trade treatment. Directs the Secretary of the Treasury to instruct the U.S. Executive Director to each of the relevant international financial institutions to oppose furnishing aid to Ethiopia. Provides for enforcement of this Act. Imposes penalties for violations of this Act.
United States · United States Congress · 8 January 1987
Amends the Temporary Emergency Food Assistance Act of 1983 to require the Secretary of Agriculture to make excess cheese acquired by the Commodity Credit Corporation available free, upon a showing of need, to a requesting State.
United States · United States Congress · 8 January 1987
Medicare Adult Day Care Amendments of 1987 - Amends part B (Supplementary Medical Insurance) of title XVIII (Medicare) of the Social Security Act to provide for the establishment of adult day care programs providing certain health services to chronically-impaired adults in a group setting outside their homes for up to 100 days on a less than 24-hour basis. Requires providers of such services to have a multidisciplinary group of health care personnel conduct a written assessment of the status of each chronically-impaired adult before the adult's admission to the program and thereafter periodically develop and coordinate an individualized treatment plan for, and with the cooperation of, the adult. Defines a "chronically-impaired adult" as an individual 18 years of age or older who has a physical, emotional, or mental impairment which, but for the provision of adult day care, would require the provision of care in a hospital, skilled nursing, or intermediate care facility. Makes deductibles inapplicable to adult day care, requiring only the payment of a specified coinsurance amount. Directs the Secretary of Health and Human Services to issue regulations regarding adult day care programs. Requires the Secretary to adopt the standards established by the National Institute of Adult Day Care as the minimum standards for qualifying as a provider of such care.
United States · United States Congress · 8 January 1987
Amends the Tax Reform Act of 1984 to provide a transitional rule allowing a spouse to be relieved of liability for tax or penalties due to an understatement of tax which is attributable to disallowed deductions of the other spouse.
United States · United States Congress · 8 January 1987
Amends the Internal Revenue Code to allow an income tax deduction for interest paid or incurred on a qualified educational loan. Defines "qualified educational loan" as any indebtedness incurred to pay the educational expenses of the taxpayer or the taxpayer's spouse or dependent. (Present law requires that such a loan be secured by an interest in real property.)
United States · United States Congress · 8 January 1987
Jacob K. Javits Gifted and Talented Children and Youth Education Act of 1987 - Directs the Secretary of Education to make grants and contracts for programs or projects designed to meet the educational needs of gifted and talented children and youth, including the training of teachers or their supervisors. Sets forth authorized uses of such funds. Directs the Secretary to establish a National Center for Research and Development in the Education of Gifted and Talented Children and Youth through grants to or contracts with one or more institutions of higher education or State educational agencies, or a combination or consortium of such institutions and agencies. Sets forth program priorities, including the identification and inclusion of gifted and talented children and youth who may not be identified through traditional assessment methods. Sets forth provisions for participation of private school children and teachers. Directs the Secretary to appoint an advisory committee to advise on the administration of this Act. Directs the Secretary to establish or designate an administrative unit within the Department of Education to administer the programs authorized by this Act, coordinate all programs for gifted and talented children and youth administered by the Department, and serve as a focal point of national leadership and information on the educational needs of gifted and talented children and youth and the availability of educational services and programs designed to meet those needs. Authorizes appropriations for FY 1987 through 1991 to carry out this Act.
United States · United States Congress · 8 January 1987
Home Employment Enterprise Act - Amends the Fair Labor Standards Act of 1938 to permit individuals to engage in industrial homework (including sewing, knitting, jewelry, or craftmaking) or perform any service in or about their place of residence as employees of any employer covered by such Act if the employer complies with minimum wage and maximum hours requirements under such Act.
United States · United States Congress · 8 January 1987
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide that a beneficiary shall be entitled to a prorated benefit for the month in which he or she dies.
United States · United States Congress · 8 January 1987
Amends the Internal Revenue Code to provide that specified minimum tax and accounting rules applicable to installment obligations shall not apply to obligations arising from sales of property by nondealers.
United States · United States Congress · 8 January 1987
Asset Indexing Act of 1987 - Amends the Internal Revenue Code to require an inflation adjustment, based on the gross national product deflator, to the adjusted basis of certain assets (corporate stock and real property held for more than one year which is a capital asset or property used in a trade or business) at the time of sale or exchange, solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditors' interests; (2) options; (3) net lease property in the case of a lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations, personal holding companies, and certain foreign corporations.
United States · United States Congress · 8 January 1987
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 · 8 January 1987
Constitutional Amendment - Proclaims the English language to be the official language of the United States. Grants the Congress the power to enforce this article by appropriate legislation.
United States · United States Congress · 8 January 1987
Amends House Resolution 12, 100th Congress, agreed to January 7, 1987, to prohibit Members of the Select Committee to Investigate Covert Arms Transactions with Iran from voting by proxy.
United States · United States Congress · 8 January 1987
Amends rule X of the Rules of the House of Representatives to require each standing committee to review, on a continuing basis and when considering public bills or resolutions, those portions of the President's Private Sector Survey on Cost Control (Grace Commission report) pertaining to such committee's jurisdiction. Amends rule XI to require each committee report on a public bill or resolution to contain: (1) an identification of each recommendation of the Survey to be implemented and the resulting estimated program cost savings or revenue enhancement; and (2) a statement setting forth the disposition of each recommendation pertaining to such bill or resolution.
United States · United States Congress · 7 January 1987
Farm Mortgage Marketing Corporation Act of 1987 - Establishes the Farm Mortgage Marketing Corporation. Provides for a five-member Board of Directors. Authorizes the Corporation, with specified limitations, to buy farm mortgages from qualified agricultural lenders and dispose of such mortgages through security issues. Prohibits the Corporation from buying a mortgage unless: (1) the seller retains at least a ten-percent participation in the mortgage, or agrees to replace or repurchase the mortgage if the borrower defaults; and (2) at the time of purchase, the outstanding principal balance of such mortgage is less than 80 percent of the securing property's value, or the portion of the unpaid balance in excess of 80 percent is insured or guaranteed by a qualified insurer. Provides for an initial Treasury capitalization of $200,000,000. Sets forth Corporation authority. Authorizes appropriations beginning with FY 1987 for the purchase of Corporation stock.
United States · United States Congress · 7 January 1987
Parkinson's Disease Amelioration Act - Establishes the Commission for the Amelioration of Parkinsonism Disease which shall: (1) conduct a study of the medical and social management of parkinsonism; (2) determine whether there is an appropriate balance between basic brain research and clinical research on parkinsonism and other ailments; (3) investigate and make recommendations concerning the proper roles of Federal, State, and local governments and public and private agencies in the research, prevention, and identification of Parkinson's disease and the treatment and rehabilitation of persons with Parkinson's disease; and (4) develop a national plan for the control of parkinsonism. Sets forth operating and related provisions. Requires the Commission to make a final report to the President and each House of Congress within six months. Terminates the Commission 30 days after submission of the final report.
United States · United States Congress · 7 January 1987
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to remove the limitation on the amount of outside income which a beneficiary may earn without incurring a reduction in benefits.
United States · United States Congress · 6 January 1987
Permits the reappointment on a case-by-case basis of a specified number of air traffic controllers who were separated from service for participation in a strike initiated on August 3, 1981. Requires such reappointments to be made in FY 1987 and 1988 by the Secretary of Transportation, according to prescribed guidelines. Expresses the sense of the Congress that such reinstatements should not: (1) cause the separation or reduction in grade of any other air traffic controller; or (2) interfere with training opportunities which would otherwise be afforded to air traffic controllers seeking to become fully qualified.
United States · United States Congress · 6 January 1987
National Biotechnology Information Act of 1987 - Amends the Public Health Service Act to establish the National Center for Biotechnology Information (the Center) in the National Library of Medicine in the Department of Health and Human Services. Directs the Secretary of Health and Human Services (the Secretary), through the Center, to: (1) design, develop, implement, and manage automated systems for the collection, storage, retrieval, analysis, and dissemination of knowledge concerning human molecular biology, biochemistry, and genetics; (2) perform research into advanced methods of computer-based information processing capable of representing and analyzing the vast number of biologically important molecules and compounds; (3) enable persons engaged in biotechnology research and medical care to use such systems and methods; and (4) coordinate efforts to gather biotechnology information on an international basis. Authorizes appropriations to the Secretary for FY 1988 through 1992.
United States · United States Congress · 6 January 1987
Prohibits the President from relinquishing or transferring to any country any land, U.S. territory, exclusive economic zone, fishery conservation zone, or any U.S. claim to such areas unless provided for in a treaty between the United States and such country. Declares that a boundary between the United States and any other country may be established only by treaty.
United States · United States Congress · 6 January 1987
Federal Employees Health Care Freedom-of-Choice Act of 1987 - Amends provisions relating to Federal employee health benefits to authorize direct payment or reimbursement for services performed by a: (1) chiropractor; (2) qualified clinical social worker; (3) marriage and family therapist; and (4) nurse midwife, nurse practitioner, and any other nurse. Delcares that this Act does not supersede or preempt any State or local law which relates to licensing or certification of health practitioners.
United States · United States Congress · 6 January 1987
Provides for the continuation of the three-year income tax basis recovery rule with respect to annuities of Federal employee contributions to Federal retirement systems. Directs the Office of Personnel Management to report to specified congressional committees on the effects of a retroactive repeal of such rule on the Federal workforce.
United States · United States Congress · 6 January 1987
Amends the Merchant Marine Act, 1936 to require the Postal Service to contract with U.S. registered vessels for international sea transportation of mail. Requires rate charges for such transportation to comply with the Shipping Act of 1984. Authorizes competitive bidding for such contracts and limits such contracts to a one-year duration. Prohibits the Postal Service from contracting with vessels based on cargo container size, unless necessary.
United States · United States Congress · 6 January 1987
Public Housing Rental Stabilization Act - Amends the United States Housing Act of 1937 to authorize a public housing agency to require tenants to pay a maximum monthly rent that is: (1) approved by the Secretary of Housing and Urban Development; (2) not more than the tenant's rent share; and (3) not more than the average monthly amount of debt service and operating expenses of similar units or not more than certain fair market rentals.
United States · United States Congress · 6 January 1987
Public Safety Officers' Benefits Amendments of 1987 - Amends the Omnibus Crime Control and Safe Streets Act of 1968 to increase from $50,000 to $100,000 the benefits paid to survivors of public safety officers (law enforcement officers and fire fighters) who die as a result of injury sustained in the line of duty. Allows such benefits to be paid to a designated beneficiary if there is no surviving spouse, child, or parent. States that funds in the Department of Justice Assets Forfeiture Fund shall be used for the payment of one-half of such benefits.
United States · United States Congress · 6 January 1987
Truth in Savings Act - Requires each advertisement, announcement, or solicitation by a depository institution which refers to a specific interest rate, yield, or rate of earnings on amounts deposited in a demand or interest-bearing account to state the following information clearly and conspicuously: (1) the annual percentage yield and the period such yield is in effect; (2) all minimum initial deposit, minimum balance, and time requirements for earning such yield; (3) the annual rates of simple interest; (4) fees or other conditions that could reduce the yield; (5) any interest penalty for early withdrawal; and (6) the effective percentage yield on the maturity date of any account maturing in less than one year. Authorizes the Board of Governors of the Federal Reserve System to exempt advertisements, announcements, or solicitations made by any broadcast or electronic medium or outdoor advertising displays not on the premises of a depository institution, from the disclosure requirements relating to initial deposit requirements, rates of simple interest, or fees, if such disclosure would be unnecessarily burdensome. Prohibits any depository institution from advertising an account as a free or no-cost account if: (1) there are minimum balance or limited transaction requirements to avoid fees; or (2) there is any service fee, transaction fee, or similar charge imposed for such account. Prohibits any institution from making any advertisement, announcement, or solicitation that is inaccurate or misleading or that misrepresents its deposit contracts. Requires each depository institution to maintain a schedule, written in clear and plain language, of fees, charges, interest rates, and terms and conditions such as minimum balance and time requirements applicable to each class of accounts offered. Requires that such schedule be disclosed to potential customers and requesting individuals and mailed to account holders. Requires that account holders receive 30 days' advance notice of any change to be made in any term or condition required to be disclosed in the schedule if the change might reduce the yield or adversely affect any account holder. Directs the Board to require modified disclosure requirements concerning the annual yield on variable rate accounts, multiple rate accounts, guaranteed-rate accounts that mature in less than one year, and accounts for which the interest rate is not guaranteed. Directs the Board to provide for public notice and comment on, and to publish, model forms and clauses for common disclosures required by this Act. Provides for the enforcement of this Act and the civil liability of a depository institution that fails to comply with requirements of this Act. Sets forth limitations on such liability and factors to be considered by the court in determining class action awards. Provides that an institution may not be held liable for a violation if the institution demonstrates that the violation was not intentional and resulted from a bona fide error. Establishes U.S. district court jurisdiction and a one-year statute of limitations for actions brought under this Act. Directs the National Credit Union Administration to provide for the similar regulation of credit unions.
United States · United States Congress · 6 January 1987
Permits certain veterans with service-connected disabilities who are retired members of the uniformed services to receive compensation concurrently with retired pay, without deduction from either.
United States · United States Congress · 6 January 1987
Congressional Salary Act of 1987 - Amends the Federal Salary Act of 1967 to make any recommendations of the President relating to the salaries of Members of Congress, Delegates to the House of Representatives, and the Resident Commissioner from Puerto Rico purely advisory. Amends the Legislative Reorganization Act of 1946 to require that the annual rate of pay for Members of Congress, Delegates to the House of Representatives, the Resident Commissioner from Puerto Rico, and the Senate and House leadership be the rate payable for such positions on the date of enactment of this Act. Makes it out of order in the House to consider any bill or resolution which adjusts the pay of Members or modifies income tax credits or deductions for Members as a separate and distinct class, unless: (1) it takes effect at the beginning of the subsequent Congress; and (2) it is comprised solely of items adjusting the pay of Members. Requires a record vote on such legislation.
United States · United States Congress · 6 January 1987
Social Security Notch Act of 1987 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to alter the formula for computing the primary insurance amount of individuals who attain age 65 in or after 1982 and are subject to the benefit computation rules of the Social Security Amendments of 1977.
United States · United States Congress · 6 January 1987
Revises Federal procedures regarding the establishment of interstate cost estimates to direct the Secretary of Transportation to apportion such estimates for construction funds and substitute highway and urban transit projects on October 1 of 1987-1989, using the Federal share of the latest transmitted estimate (as adjusted), if the Congress has not approved such estimates by that time.
United States · United States Congress · 6 January 1987
National Appliance Energy Conservation Act of 1987 - Amends the Energy Policy and Conservation Act to add to the list of products covered under the Act: (1) freezers which can be operated by alternating current electricity (with specified exceptions); (2) central air conditioning heat pumps; (3) direct heating equipment; and (4) pool heaters. Deletes from specific coverage: (1) humidifiers; and (2) dehumidifiers. Excludes from such coverage consumer products designed solely for use in recreational vehicles and other mobile equipment. Authorizes the Secretary of Energy (the Secretary) to amend Federal energy efficiency test procedures for appliances under specified guidelines. Prohibits manufacturers from making any representations regarding the energy efficiency of appliances covered by this Act unless such appliances have been tested in accordance with the Federal test procedures, and the manufacturer's representations fairly disclose the results of such testing. Sets forth specific Federal energy conservation standards for products covered by this Act and manufactured after certain dates. Establishes deadlines by which the Secretary must issue rules regarding such standards. Details the criteria to be applied if such standards are revised. Revises the information requirements with which manufacturers must comply to provide that the Secretary shall exercise authority in a manner designed to minimize unnecessary burdens on manufacturers of covered products. Revises the rules under which State regulations are superseded by the Federal regulations for testing and labeling requirements and energy conservation standards. Permits the waiver of Federal preemption if the Secretary finds that such waiver is needed to meet compelling and unusual local energy conditions. Prescribes procedural guidelines for such a waiver. Details conditions under which State and local building code requirements regarding energy conservation standards are not superseded by the standards promulgated under this Act. Permits the commencement of a citizen's suit against the Secretary for failure to comply with a nondiscretionary duty to issue rules according to prescribed schedules. Directs the courts to expedite the disposition of such suits. Vests jurisdiction in the Federal district courts over actions brought by any adversely affected person to determine whether a State or local government is complying with the requirements of this Act. Declares that the required submission by the Secretary of an annual report regarding Federal energy efficiency standards does not constitute a defense or justification for a failure by such Secretary to comply with the nondiscretionary duty provided for in this Act.
United States · United States Congress · 6 January 1987
National Individual Training Account Act of 1987 - Title I: Individual Training Accounts - Establishes the national individual training account program to be administered by the Secretary of Labor and the Secretary of the Treasury in cooperation with the States. Authorizes the Secretary of Labor to enter into agreements whereby States or State unemployment compensation agencies shall: (1) issue and redeem vouchers to pay training and relocation expenses; (2) accept contributions from employees and employers for deposit into individual training accounts and distribute any amount in any such account at such times as any distribution is authorized; (3) provide individual counseling or job and training referral services to any participant in the program; and (4) cooperate with officers of the Federal Government or of any other State in carrying out this Act. Directs the Secretary of Labor, upon the request of a State, to provide information and to detail, on a reimbursable basis, personnel to assist in establishing a State individual training account program. Sets forth the duties of the Secretary of Labor and the Secretary of the Treasury in administering the program established by this Act. Sets forth provisions for distributions from individual training accounts. Sets forth provisions for eligible training programs and for certification of such programs by the Secretary of Labor. Sets forth provisions for qualified relocation expenses and for approval of such expenses by the Secretary of Labor. Provides that individual training and related accounts are to be established as separate book accounts in the Unemployment Trust Fund. Title II: Amendments to the Internal Revenue Code of 1954 Relating to Individual Training Accounts - Amends the Internal Revenue Code to revise provisions for approval of State unemployment compensation laws to require that a State have a State individual training account program which has been approved by the Secretary of Labor. Applies such requirement to certifications of such State laws for 1988 and subsequent years. Revises Federal unemployment tax provisions to add requirements relating to State individual training account programs. Revises provisions relating to itemized Federal income tax deductions for individuals and corporations to allow such deductions for employee or employer contributions to individual training accounts made after December 31, 1986. Prohibits any reduction (through an additional credit allowance) in Federal unemployment tax in the case of any large employer which refuses to participate in the national individual training account program. Defines "large employer" as one which during the calendar year employed an average of not less than 25 employees. Makes such denial of reduction applicable to calendar years beginning after December 31, 1988. Appropriates to the Secretary of Labor, for the expense of administering the Federal-State employment service, for each fiscal year ending after January 1, 1988, an amount determined by the Secretary of the Treasury to be equivalent to an unspecified portion of the amounts received in the general fund in the Treasury which are attributable to the operation of such denial of reduction in the unemployment tax rate of such large employers who refuse to participate in the national individual training account program.
United States · United States Congress · 6 January 1987
National Observance Advisory Act - Establishes the President's Advisory Commission on National Observances to establish criteria for recommending to the President that a proposed national observance be approved or disapproved.
United States · United States Congress · 6 January 1987
Amends the Immigration and Nationality Act to provide for posthumous naturalization by reason of death while on active-duty service in the armed forces during periods of military hostilities.
United States · United States Congress · 6 January 1987
Voluntary School Prayer Act of 1987 - Eliminates Supreme Court and Federal district court jurisdiction to review or hear any case arising out of State law relating to voluntary prayer in public buildings and schools.
United States · United States Congress · 6 January 1987
Milk Protein Fair Trade Act of 1987 - Directs the President to limit imports of milk protein products to 50 percent of the average quantity of such products annually imported between January 1, 1979, and December 31, 1983. Terminates such limit on December 31, 1990. Directs the Secretary of Agriculture to establish an import licensing system for foreign milk protein products which gives: (1) first preference to importers or users who establish that there are no substitutes for their products; (2) second preference to importers or users who establish that domestically produced skim milk or skim milk solids cannot be substituted for their products; and (3) third preference to all other importers or users. Amends the Tariff Schedules of the United States to reclassify and impose a duty on casein, caseinates, and milk protein concentrate for human food and animal feed use.
United States · United States Congress · 6 January 1987
Foreign Ownership Disclosure Act - Requires registration of an investment by a foreign person if the investment results in acquisition, ownership, or control by the foreign person of a cumulative interest of five percent or more in a U.S. person or in other property in the United States. Prohibits a foreign person from making such an investment unless the foreign person first registers the investment with the Secretary of Commerce. Sets forth information to be provided in the registration. Requires foreign persons who, at the time of enactment of this Act, hold such investments in the United States to register those investments within 180 days and to include the date on which such investments were made. Requires foreign persons to report certain information to the Secretary if they transfer interest in such investments. Requires a foreign person who has investments in the United States to report certain information to the Secretary if another person acquires a cumulative interest of five percent or more in such foreign person. Requires registration, if they have certain investments in the United States, by persons who become foreign persons and by foreign persons who change nationalities. Requires foreign persons to give annual updates of their registration information to the Secretary. Sets forth the method of determining whether a person acquires indirectly a cumulative interest of five percent or more in another person. Sets forth civil and criminal penalties for violations of this Act. Authorizes the Secretary to monitor compliance with this Act. Directs the Secretary to issue regulations to carry out this Act. Directs the Secretary to report annually to the Congress and the President on: (1) the extent and effects of foreign investment in the United States; and (2) the effectiveness and efficiency of the registration and reporting requirements of this Act. Directs the Secretary to compile an inventory of foreign investments in the United States which shall be available to the public.
United States · United States Congress · 6 January 1987
Amends the Federal Food, Drug, and Cosmetic Act to require nonprofit health service entities which dispense prescription drugs to register with the Secretary of Health and Human Services.
United States · United States Congress · 6 January 1987
Truth in Government Accounting Act of 1987 - Requires the Secretary of the Treasury to prepare and make public annual consolidated financial statements for the United States based on accrual accounting procedures. Directs the Secretary to publish such statements each year on a date not later than the date the President submits the Federal budget to the Congress. Directs the Secretary to notify the public of the availability of such statements, including placing notice on all tax forms. Requires the Comptroller General to audit the consolidated financial statements each fiscal year. Requires the President to include in each budget a summary of how the use of accrual accounting procedures would affect the estimated Federal expenditures, appropriations, and receipts. Requires the Director of the Office of Management and Budget to prepare all of the budgets submitted to the President according to both accrual accounting procedures and the cash basis accounting method.
United States · United States Congress · 6 January 1987
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide that the adopted child of an individual shall be treated the same as a natural child of such individual for purposes of determining the child's eligibility for benefits based on the individual's wage record, regardless of the time the adoption occurred.
United States · United States Congress · 6 January 1987
Expedited Funds Availability Act - Requires the Board of Governors of the Federal Reserve System to begin to develop an expedited funds availability system which shall be implemented no later than three years and 90 days after enactment of this Act. Provides that such system shall require that funds deposited in an account of a depository institution by local and in-state checks be available for withdrawal the business day after deposit and that funds deposited by all other checks be available on the fourth business day after deposit. Lists considerations for the Board in establishing such system which include providing for the automated return of unpaid checks, a uniform endorsement standard, and direct notification of nonpayment. Directs the Board to report to the Congress every six months on its actions to implement such system and within two years after enactment of this Act on the effects of temporary schedules for funds availability established under this Act. Establishes specific time limits for funds availability for various types of deposits. Provides for next day availability for cash, the cash portion of a deposit, wire transfers, checks of $100 or less, checks drawn on in-state branches of the receiving depository institution or branches located in the same check processing region, U.S. Treasury checks endorsed only by the payee, State and local treasury checks endorsed only by the payee and deposited in special envelopes at manned branches, cashier's checks, certified checks, teller's checks, and depository checks endorsed only by the payee and deposited in special envelopes at manned branches. Sets forth a schedule, to be terminated upon implementation of the expedited funds availability system, providing that: (1) checks drawn on local originating depository institutions shall be available on the third business day after deposit during the one-year period beginning 90 days after enactment of this Act and on the second business day after deposit during the subsequent two years; and (2) checks drawn on nonlocal originating depository institutions shall be available for withdrawal on the seventh business day after deposit. Authorizes the Board to make certain adjustments in such time limits. Sets forth time limit exceptions and special time limits which shall apply: (1) to new accounts, deposits by checks in excess of $5,000, checks redeposited after being returned, repeated overdrafts, and foreign checks; and (2) under specified emergency conditions. Authorizes the Board to suspend the applicability of this Act to any classification of checks directly associated with an unacceptable level of losses due to check-related fraud. Requires the Board to transmit a report justifying any suspension to specified congressional committees. Prohibits any depository institution from freezing funds in an account because other funds deposited in such account by check are not yet available for withdrawal pursuant to this Act. Directs each institution to inform employees of, and ensure employee compliance with, the requirements of this Act. Provides that State laws providing for shorter time periods for the availability of funds deposited in a State-chartered institution shall supersede this Act and shall apply to all federally insured depository institutions located in such State. Requires interest to accrue on funds deposited in an interest-bearing account of an institution beginning on the business day on which the institution receives provisional credit for such funds. Requires a depository institution to meet specified disclosure requirements concerning its general policy on the availability for withdrawal of funds deposited by check. Authorizes the Board to publish model disclosure forms and clauses for common transactions. Directs the Board to establish a Payments System Advisory Council to advise and consult with the Board in the exercise of the Board's functions under this Act. Declares that this Act supersedes State law, including the Uniform Commercial Code, except as specified earlier. Sets forth provisions governing: (1) the administrative enforcement of this Act; and (2) the civil liability of institutions that fail to comply with this Act.
United States · United States Congress · 6 January 1987
Milk Price Support Modification Act of 1987 - Amends the Agricultural Act of 1949 to eliminate purchase-based 50-cent increases or decreases for 1988 milk support levels.
![Official portrait of Rep. Wortley, George C. [R-NY-27]](https://www.congress.gov/img/member/w000752_200.jpg)