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United States · Official source
2,808 records where Sen. Bentsen, Lloyd M. [D-TX] is listed as a sponsor, author, or other actor. Search with topics and years
United States · United States Congress · 2 July 1980
Capital Investment Incentive Act of 1980 - Amends the Internal Revenue Code to increase from 60 percent to 70 percent the noncorporate capital gains deduction from gross income. Reduces from 28 percent to 21 percent the corporate alternative minimum tax rate on capital gains.
United States · United States Congress · 1 July 1980
Federal-Aid Highway and Highway Revenue Act of 1980 - Title I: Federal-Aid Highway Act of 1980 - Amends the Federal Aid Highway Act of 1956 to decrease the authorization of appropriations for the Interstate Highway System for fiscal year 1983. Amends the Federal-Aid Highway Act of 1978 and the Highway Safety Act of 1978 to increase and extend the authorization of appropriations for: (1) specified highways, parkways, roads, and trails; (2) bridge reconstruction and replacement; and (3) resurfacing of specified lanes and routes on the Interstate System. Sets forth the costs to be included by the Secretary of Transportation in making the revised estimate of the cost of completing the Interstate System. Prohibits the Secretary from approving any project which is to be paid for from funds apportioned for fiscal year 1983, or thereafter, if such project is not eligible for inclusion in such estimated cost. Directs that no State shall receive less than one half of one percent of the total apportionment for highway restoration and resurfacing. Adjusts the formula for the apportionment of Interstate System resurfacing funds. Provides for the reconstruction, as well as the resurfacing, restoring, and rehabilitating, of the Interstate System beginning in fiscal year 1983. Specifies the amount of funds available for emergency relief due to natural disasters or catastrophic failures. Limits to a specified amount obligations for projects resulting from a single disaster or catastrophic failure. Directs the Secretary to submit to Congress, by July 1, 1981, an estimated cost of replacing or rehabilitating unsafe bridges (both on and off the Federal-aid systems) in each State. Directs that at least 30 percent of the apportionment to each State shall be expended for the construction of routes on the Interstate System which are not open to traffic. Extends through fiscal year 1983 the authorization of appropriations to encourage the use of car pools and van pools. Directs that specified amounts that any State receives for fiscal year 1983 shall not be less than the apportionments made to such State for fiscal year 1982. Limits to a specified sum the total of all obligations for Federal-aid highways and highway safety construction programs for fiscal years 1982 and 1983. Extends and increases the authorization of appropriations for the Federal-aid urban system. Specifies items to be included in bridge project costs. Title II: Highway Revenue Act of 1980 - Amends the Internal Revenue Code relating to the imposition of tax on gasoline, diesel fuel, and specified motor fuels to direct that such tax be the greater of: (1) four percent of the applicable average wholesale price of gasoline; or (2) four cents per gallon. Sets forth the definition of and formula for determining the average wholesale price.
United States · United States Congress · 30 June 1980
Amends the Internal Revenue Code to allow an income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in connection with his trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are currently deductible under provisions of the Internal Revenue Code, but limits the scope of such expenditures to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities, government-funded research, or research carried on in the taxpayer's behalf. Limits the amount of expenditures eligible for the credit to those which exceed 100 percent of the annual average of such expenditures for the immediately preceding three years. Provides for a three-year carryback and seven-year carryover of unused credits.
United States · United States Congress · 27 June 1980
Declares seven named individuals to have been lawfully admitted to the United States for permanent residence under the Immigration and Nationality Act.
United States · United States Congress · 26 June 1980
Amends the Internal Revenue Code to extend from June 15, 1981, to January 1, 1986, the termination date for certain provisions of the Tax Reform Act of 1976 relating to the allowance of a deduction for the amortization of certain rehabilitation expenditures for certified historic structures.
United States · United States Congress · 26 June 1980
Directs the Senate Finance Committee to report to the Senate by September 3, 1980, a responsible, targeted anti- inflationary tax cut to take effect in 1981. Directs the Democratic Task Force on the Economy to recommend to the Senate a comprehensive economic policy at the earliest possible date.
United States · United States Congress · 25 June 1980
Farm Labor Contractor Registration Act Amendments of 1980 - Amends the Farm Labor Contractor Registration Act of 1963 to revise the definition of "farm labor contractor" to: (1) broaden specified exclusions from such definition (thus broadening certain exemptions from coverage under such Act); and (2) exclude from such definition (and such coverage) any nonprofit or cooperative association of farmers, growers, ranchers, duly incorporated under appropriate State laws, and operated solely for the mutual benefit of the members thereof, and any full-time or regular employee of such association or cooperative who engages in such activity solely for such employer. Adds other definitions relating to such revisions. Revises the definition of "agricultural employment" to specify that listed activities take place on a farm or ranch. Limits the definition of "migrant worker" to only those workers who cannot regularly return to their domicile each day after working hours, or who are transported from and to their domicile each workday by the person who recruits, solicits, hires, or furnishes such worker for agricultural employment on a farm or ranch owned or operated by another person.
United States · United States Congress · 25 June 1980
Amends the Bank Holding Company Act of 1956 to prohibit bank holding companies and their subsidiaries from selling insurance as principals, agents or brokers, except: (1) where the insurance secures an extension of credit in the event of death or disability of the debtor; (2) where the insurance is declining balance credit property insurance, sold by a subsidiary finance company, to protect against loss or damage to collateral securing an extension of credit of $10,000 for less (adjusted by the Consumer Price Index with 1980 as the base year); (3) any insurance agency activity in a community of less than 5,000 which has inadequate insurance agency facilities; (4) any insurance agency activity lawfully engaged in by a bank holding company on June 6, 1978, or by a subsidiary finance company acquired between June 6, 1978, and June 6, 1979; (5) certain supervisory activity over agents who sell insurance covering a holding company's property and employees; and (6) any insurance agency activity, except the sale of unauthorized life insurance or annuities, conducted by a bank holding company or its subsidiary which has less than $50,000,000 in total assets.
United States · United States Congress · 24 June 1980
Deplores the Soviet violations with respect to Afghanistan. Joins calls for the withdrawal of Soviet troops from Afghanistan. Supports the imposition of penalties on the Soviet Union for its aggression. Urges continued action to draw attention to the Soviet violations and to prevent further Soviet incursions.
United States · United States Congress · 19 June 1980
Amends the Internal Revenue Code to exempt a certain portion of royalty owner oil production from the windfall profit tax. Limits the amount so exempted per quarter to ten barrels per day. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil, tier 2, and tier 3 oil, and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.
United States · United States Congress · 18 June 1980
Expresses the sense of Congress regarding the domestic automotive and truck industry. Declares it to be a goal of the United States to achieve technological superiority in the world automobile and truck industry. Advocates changes in economic, fiscal, and import policies in order to create adequate capital and produce a more favorable climate for the domestic automobile and truck industry.
United States · United States Congress · 13 June 1980
Appellate Court Reorganization Act of 1980 - Divides the current United States Court of Appeals for the Fifth Circuit into the following two circuits: (1) the Fifth Circuit, composed of the States of Louisiana, Mississippi, and Texas, and consisting of 14 judges; and (2) the Eleventh Circuit, composed of the States of Alabama, the Canal Zone, Florida, Georgia, and consisting of 12 judges. (The current Fifth Circuit consists of all six States and has 26 judges.) Designates Atlanta, Georgia, the headquarters of the Eleventh Circuit and New Orleans, Louisiana, headquarters of the Fifth Circuit. Makes this Act effective October 1, 1980.
United States · United States Congress · 9 June 1980
Qualifies petroleum products for a general license for reexport when such products are refined in the United States from foreign crude oil pursuant to a processing agreement. Prohibits such qualification for national security or foreign policy reasons certified by the President.
United States · United States Congress · 4 June 1980
Authorizes and requests the President to designate November 14 of each year as "Operating Room Nurses Day."
United States · United States Congress · 3 June 1980
Amends the Internal Revenue Code to increase the earned income exclusion for United States citizens working abroad, who are bona fide residents of a foreign country, from an annual rate of $20,000 to: (1) $50,000; or (2) $65,000, if such persons have been working abroad for three years. Allows separate exclusions to married individuals who are both working overseas, although one's excess exclusion cannot be used against income earned by the other. Reduces from 17 to 11 months the residency requirement for such exclusion. Waives such requirement if the Secretary of the Treasury determines that such citizens who would otherwise qualify for the exclusion were forced to leave a foreign country before they had resided 11 consecutive months because of civil unrest, war, or other adverse conditions precluding the normal conduct of business. Reduces from 17 to 11 months the foreign residence requirement with respect to the deduction for certain housing expenses of living abroad. Revises the formula for determining the base housing amount with regard to such deduction to make it 16 percent of the salary of a GS-14, step 1. Repeals similar deductions for cost-of-living differential, schooling expenses, home leave travel expenses, and residence in a hardship area. Provides that the foreign bad debt loss deduction shall not exceed the greater of 15 percent of the taxpayer's taxable income from exports, or two percent of the taxpayer's export receivables outstanding at the close of the taxable year. Provides that the amount of bad debt losses that may be added to a bad debt reserve shall not exceed five percent of the taxpayer's export receivables outstanding as of the close of the taxable year. Permits the amortization, based on a period of 60 months, of: (1) foreign market studies; (2) foreign marketing expenses; and (3) foreign patents. Permits an income tax deduction for currency fluctuation losses on export credit which have not been repaid by the end of the taxable year. Amends the Internal Revenue Code, with respect to the six-month deadline for exempting exports from the manufacturer's excise tax, to grant discretion to the Secretary of the Treasury to extend such deadline for an additional 11 months if it is determined, after consultation with the Secretary of State, that exports were delayed because of war, civil unrest, or similar adverse conditions in a foreign nation. Amends the Foreign Trade Zones Act to authorize the Secretary of the Treasury to approve the duty-free entry of machinery, materials, and fuel to be used or consumed solely in the manufacture or production of goods in a foreign trade zone only if such goods are not subsequently entered into the customs territory of the United States. Specifies criteria for approval of applications for such duty-exemptions. Requires the Foreign Trade Zones Board to include in its annual report to Congress a summary of its activities and programs in each zone which are intended to increase the use of such zones to expand United States exports.
United States · United States Congress · 2 June 1980
Amends the Internal Revenue Code to provide for the deductibility of employer contributions to a deferred compensation plan of employees who are nonresident aliens.
United States · United States Congress · 29 May 1980
National Export Policy Act of 1980 - Title I: General Findings and Purposes - Sets forth congressional findings and the purposes of this Act. Title II: Export Financing - Amends the Export - Import Bank Act of 1945 to direct the Export-Import Bank to adopt export finance programs comparable in structure to those extraordinary measures of official export credits offered by competing countries, until such financing is limited by international agreements. Requires the Bank to report annually to Congress as to whether any additional appropriations or any increases in its commitment authority or ceiling levels are necessary to carry out this Act. States that this Act shall not take effect until six months after enactment, unless the President defers the effective date for an additional six months. Declares it to be the policy of the Congress that the Export-Import Bank of the United States should facilitate, particularly in the presence of foreign officially-supported export credit competition, exports to countries: (1) having insufficient access to international credit facilities; (2) demonstrating reasonable economic progress; and (3) offering adequate formal assurances of repayment (currently, must offer sufficient likelihood of repayment). Increases the aggregate amount of loans and contractual liability of guarantees and insurance which may be outstanding at any one time. Requires such activities to be carried out through the Export Expansion Facility. Provides for the capitalization of such Facility. Establishes staggered, ten-year terms of office for the Bank directors. Declares that the House and Senate Appropriations Committees should consider limitations on Bank activities when considering appropriations for international trade activities rather than when considering foreign assistance activities. Title III: Export - Related Tax Policy - Amends the Internal Revenue Code to increase the earned income exclusion for United States citizens working abroad, who are bona fide residents of a foreign country, from an annual rate of $20,000 to: (1) $50,000; or (2) $65,000, if such persons qualify as bona fide residents for certain specified periods. Allows separate exclusions to married individuals who are both working overseas, although one's excess exclusion cannot be used against income earned by the other. Waives the residency requirements to qualify for such exclusion for those required to leave a foreign country because of civil unrest, war, or similar adverse conditions precluding the normal conduct of business. Reduces from 17 to 11 months the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad. Revises the formula for determining the base housing amount with regard to such deduction to make it 16 percent of the salary of a GS-14, step 1. Repeals similar deductions for cost-of-living differential, schooling expenses, home leave travel expenses, and residence in a hardship area. Provides that the foreign bad debt loss deduction shall not exceed the greater of 15 percent of the taxpayer's taxable income from exports, or two percent of the taxpayer's export receivables outstanding at the close of the taxable year. Provides that the amount of bad debt losses that may be added to a bad debt reserve shall not exceed five percent of the taxpayer's export receivables outstanding as of the close of the taxable year. Permits the amortization, based on a period of 60 months, of: (1) foreign market studies; (2) foreign marketing expenses; and (3) foreign patents. Permits an income tax deduction for currency fluctuation losses on export credit which have not been repaid by the end of the taxable year. Authorizes the Secretary of the Treasury to extend the six-month deadline for exempting exports from the manufacturer's excise tax for an additional 12 months if it is determined, after consultation with the Secretary of State, that exports were delayed because of war, civil unrest, or similar adverse conditions in a foreign nation. Amends the Foreign Trade Zones Act to authorize the Secretary of Commerce to approve the duty-free entry of machinery, materials, and fuels to be used for the production of goods in a foreign trade zone if such goods are not subsequently entered into U.S. customs territory. Sets forth requirements before applications for such treatment will be approved. Makes such approval valid for six years. Requires the Foreign Trade Zones Board to include in its annual report to Congress a summary of activities and proposals to increase the use of foreign trade zones to expand U.S. exports. Makes banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Makes export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment. Title IV: Antitrust - Amends the Webb-Pomerene Act to exempt the export trade, export trade activities, and methods of operation of certified export trade associations and export trading companies from the antitrust laws. Delays the effectiveness of any certificate upon the notification of the Secretary of Commerce by the Attorney General or the Federal Trade Commission (FTC) of disagreement with the decision to issue a certificate. Sets forth the procedure to be followed by any association, company, or export trading company seeking certification under this Act and by the Secretary in issuing such certificates. Provides for appeal of the Secretary's denial of certification. Authorizes the Attorney General or the FTC to bring an action to invalidate a certification. Requires the Secretary, in consultation with the Attorney General and the FTC, to publish guidelines for determining whether an association or export trading company will meet the certification requirements. Requires certified associations and export trading companies to submit annual reports to the Secretary. Directs the Secretary to establish within the Department of Commerce an office to promote export trade associations and trading companies. Provides for automatic certification of existing associations. Requires that all applications for certification be kept confidential with specified exceptions. Authorizes the Secretary to require an association or trading company to modify its operation to be consistent with international obligations of the United States. Directs the President to appoint, with the Senate's advice and consent, a task force seven years after enactment to examine the effect of this Act and to make recommendations. Directs the Attorney General to study whether: (1) U.S. business conduct to expand exports conflicts with basic antitrust principles; and (2) a more liberal enforcement policy for overseas activities would impede implementation of the antitrust laws. Requires the Attorney General to identify such conduct which would not warrant prosecution under the antitrust laws. Sets forth the procedures for describing such permissible conduct and disclosing such descriptions. Authorizes the Secretary of Commerce to intervene in such suits and to provide legal assistance to exporters. Prohibits prosecution under the antitrust laws of exporters who: (1) have notified the Attorney General of their intention to engage in such designated conduct; or (2) receive an approval, or no objection, from the Attorney General concerning proposed transactions. Requires the Attorney General and the Secretary of Commerce to report to Congress concerning implementation of this section. Title V: Amendments to Other Laws That Hinder Exports - Amends the Foreign Corrupt Practices Act of 1977 to change the name of such Act to the Business Practices and Records Act. Amends the Securities Exchange Act of 1934 to require issuers of securities to keep their books and maintain a system of internal accounting controls in accordance with generally accepted accounting principles. Makes issuers liable for knowingly falsifying any books or for the intentionally wrongful maintenance or circumvention of the system of internal accounting controls. Requires only good faith efforts by issuers holding 50 percent or less of the equity capital to use their influence to cause transactions and dispositions of assets to be carried out consistent with such provisions. Repeals the provisions specifying prohibited foreign corrupt practices by issuers. Amends the Business Practices and Records Act to include issuers within the provisions specifying prohibited foreign corrupt practices by domestic concerns. Permits items of value to be given to foreigners in specified circumstances, including courtesy items, demonstration expenses, and payments lawful under the laws of the country of the intended recipient. Directs the Attorney General to issue guidelines specifying permissible conduct and arrangements associated with common types of export sales arrangements and business contracts and precautionary procedures creating a rebuttable presumption of compliance. Provides for the establishment of a Business Practices and Records Act Review Procedure to answer specific inquiries concerning enforcement of such Act. Requires the Attorney General to issue opinions regarding compliance. Makes such opinions final and binding on all parties if the conduct does not involve a violation. Requires annual reports to Congress by: (1) the Attorney General concerning actions taken pursuant to such Act; and (2) the Securities and Exchange Commission concerning the reporting requirements. Expresses the sense of the Congress that the President should negotiate agreements establishing standards of conduct for international business practices, a resolution procedure, and rates of commissions. Directs the President to report to Congress concerning the progress of such negotiations. Requires Congress to review the Business Practices and Records Act after receiving the President's report. Requires an export competitiveness impact statement from any issuing authority taking significant action which could affect adversely U.S. exports or the international competitive position of the United States and its exporters. Expresses the sense of Congress that export paperwork must be reduced to encourage export sales. Requires all agencies to minimize paperwork and reporting requirements. Title VI: Export Awareness and Export Promotion Programs - Export Trading Company Act of 1980 - Directs the Secretary of Commerce to promote export trading companies and facilitate contracts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest up to specified amounts in export trading companies upon notifying, but without obtaining the prior approval of, the appropriate Federal banking agency, if such investment does not cause an export trading company to become a subsidiary of such organization. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations with the prior approval of the appropriate Federal banking agency. Requires prior notification of such agencies in specified circumstances. Sets forth further limitations on export trading companies and investments by banking organizations. Specifies factors to be taken into consideration by the banking agencies. Permits such agencies to impose conditions in approving applications to invest in export trading companies. Requires such agencies to report to the appropriate congressional committees concerning implementation of this Act and any recommendations. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Provides for remand for further consideration by the banking agency. Directs the Economic Development Administration and the Small Business Administration to give special weight to export-related benefits when considering applications for loans and guarantees by export trading companies. Directs the Export-Import Bank of the United States to provide loan guarantees to export trading companies or exporters to be secured by accounts receivable or inventories when adequate financing is not otherwise available and such guarantees will facilitate expansion of exports. Small Business Export Expansion Act of 1980 - Amends the Small Business Act to authorize the Administrator of the Small Business Administration (SBA) to permit participating lending institutions to take actions on behalf of the Administrator with respect to deferred participation loans. Empowers the SBA either directly or in cooperation with lending institutions, to extend credit for export purposes to enable small business concerns to develop foreign markets. Limits the extension of such credit to periods of 18 months or less. Sets a maximum of $750,000 which may be committed to any borrower from the business loan and investment revolving fund. Establishes within the Administration an Office of International Trade to promote sales opportunities for small business goods and services abroad. Requires such Office to: (1) provide small businesses with access to current and complete export information; (2) encourage greater small business participation in trade fairs, shows, missions, and other domestic and overseas export development activities of the Department of Commerce; and (3) assign full-time export development specialists to each Administration regional office. Directs the Administrator, after consultation with specified agencies, to establish an export promotion center in each of two regional offices of the Administration where field offices of the Department of Commerce and the Internal Revenue Service exist. Requires each such center to serve as a one- stop information center on Federal Government export assistance, financing programs available to small business, and other provisions of law governing exporting for small business. Requires: (1) a progress report on the implementation of such centers to the appropriate Congressional committees within six months of enactment of this Act; and (2) an evaluation, within two years after enactment, of the effectiveness of such centers in developing and expanding small business exports. Authorizes the Secretary of Commerce to make grants to qualified applicants to encourage the development and implementation of small business international marketing programs. Sets forth eligibility requirements for applicants. Prohibits the use of any Federal funds to directly underwrite any small business participation in foreign trade missions abroad. Requires each small business international marketing program to: (1) have a full-time staff director to manage program activities; (2) have access to export specialists to counsel and assist small business clients; and (3) establish an advisory board. Directs the Secretary to require, as a condition to any grant, that an additional amount equal to twice the amount of such grant be provided from sources other than the Federal Government. Directs the Secretary to develop a plan to evaluate such programs to: (1) determine the impact of such programs on the small businesses assisted; (2) determine the amount of export sales generated by such businesses; and (3) make recommendations concerning continuation and/or expansion of the program. Requires the establishment of at least one small business international program within each region of the Department of Commerce. Directs the Secretary of Commerce, through the International Trade Administration, to maintain a central clearinghouse for the collection, dissemination, and exchange of information between such programs. Directs the Secretary to enter into cooperative agreements with industrial corporations to develop foreign markets for their products. Requires the Secretary to direct specific market research for the products involved in foreign markets upon entering such agreements. Permits interested industrial corporations to submit a proposal incorporating specific marketing actions to the Secretary. Authorizes the Secretary to enter into a marketing agreement after approving any such proposal. Requires repayment of the Federal share of the costs by the entity entering into such an agreement. International Education Programs Act - Amends the Higher Education Act of 1965 to direct the Secretary of Education to make grants to, and contracts with, institutions of higher education to pay the Federal share of the cost of programs designed to promote linkages between such institutions and the American business community engaged in international economic activities. Requires higher education institutions to apply for such grants and contracts. Limits the amount of Federal assistance. Provides for an advisory board to consider the grants made, or contracts entered into, and to review programs established under this section. Directs each Federal agency and U.S. representative to any international organization to: (1) identify programs affecting the export of U.S. firms' services; (2) make available information concerning such programs; (3) establish programs to publicize export-related programs for services; and (4) modify those programs with an adverse effect on the export of services. Makes the Secretary of Commerce responsible for coordinating such programs. Directs the Department of Treasury to report to Congress concerning the feasibility of extending DISC treatment to the export of services. Title VII: Agricultural Exports - Amends the Commodity Credit Corporation Charter Act to establish the Agricultural Export Credit Revolving Fund to be available for: (1) the export of, or aid in the development of foreign markets for, agricultural commodities; and (2) loans for the acquisition of facilities in foreign countries to improve the countries' capacities to handle agri-commodities exported from the United States. Directs the Secretary of Agriculture to report to Congress annually concerning the export credit sales program. Abolishes such fund effective October 1, 1983. Amends the Export-Import Bank Act of 1945 to require the ratio of credit extended by the Export-Import Bank for agricultural exports in comparison with the total amount extended be at least equivalent to the value of agricultural exports in comparison with total value of exports. Specifies exceptions to this requirement. Requests the President to take action to establish an International Wheat Exporting Commission which would establish an annual minimum world market price for wheat and prescribe export quotas. Requires the President to keep Congress informed about the establishment of such Commission and to report annually once such Commission is established. Title VIII: International Agreements - Expresses the sense of Congress that: (1) the multilateral trade agreement be strongly implemented; and (2) the efforts must continue to secure a freer world trading environment. Directs the Secretary of Agriculture to implement a special export subsidy program for agricultural commodities to neutralize the effects of foreign export subsidy programs. Specifies the circumstances required before such program may be implemented. Expresses the sense of Congress that the President should enter negotiations for international codes of: (1) official export financing; (2) business conduct; (3) reciprocity of antitrust enforcement; and (4) fair trade in services. Requires the President to report to Congress concerning the progress of such negotiations. Title IX: Government Support of Export Goals - Overseas Private Investment Corporation Act of 1980 - Establishes the Overseas Private Investment Corporation (OPIC) as an independent agency. Sets forth the duties of OPIC. Provides for the capital of OPIC to be paid in through the appropriation process and through transfer from OPIC's earned income. Sets forth the structure of OPIC with a Board of Directors, a President of the Corporation, an Executive Vice President of the Corporation, other officers and staff, and consultants. Authorizes OPIC to issue insurance to eligible investors covering new or existing investments protecting against specified risks. Authorizes OPIC to make arrangements with foreign governments or multilateral organizations for sharing liabilities. Limits the insurance that may be issued to a single investor. Authorizes OPIC to issue guarantees of loans and other investments. Sets forth limitations on such guarantees. Authorizes OPIC to make direct loans to privately owned or mixed publicly and privately owned firms for projects sponsored by or significantly involving United States small businesses or cooperatives. Limits the circumstances under which OPIC may acquire stock in any other corporation. Authorizes OPIC to initiate and support the identification, assessment, and promotion of private investment opportunities, with specified exceptions. Authorizes OPIC to administer special projects to provide private technical, professional, or managerial assistance in the development of human resources, skills, technology, capital savings, and intermediate financial institutions and cooperatives. Authorizes OPIC to engage in other insurance, reinsurance, and risk sharing activities with other insurance companies, financial institutions, persons, or groups. Limits the amount of reinsurance of liabilities which OPIC may issue. Limits the amount of maximum contingent liability pursuant to insurance or guarantees issued under this Act which may be outstanding at any one time. Establishes the: (1) Direct Investment Fund as a revolving fund to be available for direct investments; and (2) Insurance Reserve and Guaranty Reserve to be available for discharging liabilities. Authorizes appropriations to the investment and guaranty fund in specified circumstances. Authorizes OPIC to issue obligations in specified circumstances in order to discharge liabilities. Requires that all revenues and income transferred to or earned by OPIC be available to carry out OPIC's purposes. Directs OPIC to determine that suitable arrangements exist for protecting OPIC's interests in connection with any insurance, guaranty, or reinsurance issued under this Act. Pledges the full faith and credit of the United States for the full payment and performance of previous obligations. Sets forth conditions with respect to insurance, guaranty, and reinsurance coverage under this Act concerning fees, time limits, fraud, and settlement of disputes. Sets forth administrative provisions and duties applicable to OPIC. Requires OPIC to undertake to broaden the participation of United States small business, cooperatives, and other small investors in the development of small private enterprise in less developed friendly countries or areas. Directs OPIC to report annually to Congress concerning its operations. Amends the Foreign Assistance Act of 1961 to define "eligible investor" in terms of this Act with respect to housing guarantees. Repeals provisions: (1) prohibiting the transfer of OPIC funds between accounts; (2) authorizing the President to deny assistance to any less developed country which fails to enter into an agreement to institute the investment guaranty program; and (3) establishing OPIC. Stipulates that nothing in this part shall be construed as terminating any of OPIC's statutory authority. Requires the President to submit to the appropriate congressional committees any necessary technical or conforming amendments. Declares that the potential for U.S. exports shall be a primary decisionmaking factor in considering which projects to include in U.S. foreign aid programs. Requires the Director of the International Development Cooperation Agency (IDCA) to transfer the functions of the Office of Reimbursable Development from the Agency for International Development to an independent functional status within the IDCA. Declares that the Office of Management and Budget should assure that adequate budget allocations are made available to carry out the programs prescribed in this Act. Declares that the Department of Justice should do what it can to facilitate procedures for exporters. Declares that the Small Business Administration should: (1) be aware of the benefits of export to small business development; and (2) use every opportunity to provide information and assistance to potential exporters. Declares that the U.S. ability to export coal, nuclear power fuels, and other energy materials in a reliable manner should be a key consideration. Directs congressional committees to include in their reports the effect of the bill or resolution on the international competitiveness of the United States. Creates a National Export Council to: (1) serve as a national advisory body on matters relating to United States export trade; (2) act as a liaison among the communities represented by its membership; and (3) provide advice on Federal plans and actions that affect export promotion and development policies which have an impact on those communities represented by its membership. Requires the Council to make an annual report to the President and the Congress on its activities. Authorizes the Secretary of Commerce to appoint commercial ministers, counselors, and attaches with the rank and privileges of other ministers, counselors, and attaches in U.S. embassies and consulates, to: (1) provide trade and commercial services; (2) engage in the promotion of U.S. exports; (3) file semiannual reports to the Secretary on market, industrial, and commodity conditions in their districts and on the implementation of multilateral and bilateral trade agreements; and (4) maintain current data on the commercial standing and capacity of foreign firms within their districts. Provides for domestic assignment, office logistics, allowances and benefits of such ministers, counselors, and attaches. Directs the Comptroller General to report to Congress with any recommendations concerning: (1) the organization of international trading and financing programs in the United States; (2) the effectiveness of foreign export promotion programs; and (3) the trade activities of specified Federal agencies. Expresses the sense of Congress that the appropriate congressional committees should review periodically the trade organization of the U.S. Government.
United States · United States Congress · 28 May 1980
Business Accounting and Foreign Trade Simplification Act - Amends the Foreign Corrupt Practices Act of 1977 to change the name of such Act to the Business Practices and Records Act. Amends the Securities Exchange Act of 1934 to require issuers of securities to keep their books and maintain a system of internal accounting controls in accordance with generally accepted accounting principles. Makes issuers liable for knowingly falsifying any books or for the intentionally wrongful maintenance or circumvention of the system of internal accounting controls. Requires only good faith efforts by issuers holding 50 percent or less of the equity capital to use their influence to cause transactions and dispositions of assets to be carried out consistent with such provisions. Repeals the provisions specifying prohibited foreign corrupt practices by issuers. Amends the Business Practices and Records Act to include issuers within the provisions specifying prohibited foreign corrupt practices by domestic concerns. Permits items of value to be given to foreigners in specified circumstances, including courtesy items, demonstration expenses, and payments lawful under the laws of the country of the intended recipient. Directs the Attorney General to issue guidelines specifying permissible conduct and arrangements associated with common types of export sales arrangements and business contracts and precautionary procedures creating a rebuttable presumption of compliance. Provides for the establishment of a Business Practices and Records Act Review Procedure to answer specific inquiries concerning enforcement of such Act. Requires the Attorney General to issue opinions regarding compliance. Makes such opinions final and binding on all parties if the conduct does not involve a violation. Requires annual reports to Congress by: (1) the Attorney General concerning actions taken pursuant to such Act; and (2) the Securities and Exchange Commission concerning the reporting requirements. Expresses the sense of the Congress that the President should negotiate agreements establishing standards of conduct for international business practices, a resolution procedure, and rates of commissions. Directs the President to report to Congress concerning the progress of such negotiations. Requires Congress to review the Business Practices and Records Act after receiving the President's report.
United States · United States Congress · 22 May 1980
Amends the Internal Revenue Code of 1954 to make banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Amends the Internal Revenue Code of 1954 to make export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.
United States · United States Congress · 20 May 1980
Authorizes and requests the President to designate the week beginning October 5, 1980, as "National Port Week." Requires the Secretary of Commerce to report to Congress on the conditions of U.S. public ports.
United States · United States Congress · 15 May 1980
Title I: Export Trading Companies - Export Trading Company Act of 1980 - Directs the Secretary of Commerce to promote export trading companies and facilitate contacts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest up to specified amounts in export trading companies upon notifying, but without obtaining the prior approval of, the appropriate Federal banking agency, if such investment does not cause an export trading company to become a subsidiary of such organization. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations with the prior approval of the appropriate Federal banking agency. Requires prior notification of such agencies in specified circumstances. Sets forth further limitations on export trading companies and investments by banking organizations. Specifies factors to be taken into consideration by the banking agencies. Permits such agencies to impose conditions in approving applications to invest in export trading companies. Requires such agencies to report to the appropriate congressional committees concerning implementation of this Act and any recommendations. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Provides for remand for further consideration by the banking agency. Directs the Economic Development Administration and the Small Business Administration to give special weight to export-related benefits when considering applications for loans and guarantees by export trading companies. Directs the Export-Import Bank of the United States to provide loan guarantees to export trading companies or exporters to be secured by accounts receivable or inventories when adequate financing is not otherwise available and such guarantees will facilitate expansion of exports. Title II: Export Trade Associations - Export Trade Association Act of 1980 - Amends the Webb-Pomerene Act to exempt the export trade, export trade activities, and methods of operation of certified export trade associations and export trading companies from the antitrust laws. Delays the effectiveness of any certificate upon the notification of the Secretary of Commerce by the Attorney General or the Federal Trade Commission (FTC) of disagreement with the decision to issue a certificate. Sets forth the procedure to be followed by any association, company, or export trading company seeking certification under this Act and by the Secretary in issuing such certificates. Provides for appeal of the Secretary's denial of certification. Authorizes the Attorney General or the FTC to bring an action to invalidate a certification. Requires the Secretary, in consultation with the Attorney General and the FTC, to publish guidelines for determining whether an association or export trading company will meet the certification requirements. Requires certified associations and export trading companies to submit annual reports to the Secretary. Directs the Secretary to establish within the Department of Commerce an office to promote export trade associations and trading companies. Provides for automatic certification of existing associations. Requires that all applications for certification be kept confidential with specified exceptions. Authorizes the Secretary to require an association or trading company to modify its operation to be consistent with international obligations of the United States. Directs the President to appoint, with the Senate's advice and consent, a task force seven years after enactment to examine the effect of this Act and to make recommendations. Title III: Taxation of Export Trading Companies - Amends the Internal Revenue Code of 1954 to make banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Amends the Internal Revenue Code of 1954 to make export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.
United States · United States Congress · 15 May 1980
Declares that continued insensitivity to the statutory requirements for nominees to the Federal Reserve Board shall not be overlooked by the Senate Committee on Banking, Housing and Urban Affairs or by the U.S. Senate.
United States · United States Congress · 14 May 1980
Amends the Powerplant and Industrial Fuel Use Act of 1978 to limit the amount of all State and local severance taxes or fees on coal mined on Indian or Federal lands and shipped in interstate commerce to any powerplant or major fuel-burning installation or on improvements or other rights, property, or assets connected with the production of such coal. States that such tax shall not exceed a total of 12 1/2 percent of the value of such coal produced during a fiscal year.
United States · United States Congress · 14 May 1980
Expresses the sense of the Senate that social security benefits should remain exempt from all taxation.
United States · United States Congress · 6 May 1980
Declares a certain individual to have been lawfully admitted to the United States for permanent residence, under the Immigration and Nationality Act.
United States · United States Congress · 6 May 1980
Declares that it is the sense of the Congress that the enactment of a withholding tax on interest and dividend payments would be detrimental to the economic well-being of the United States.
United States · United States Congress · 1 May 1980
Agricultural Trade Suspension Adjustment Act of 1980 - Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to make available price support loans for producers of the 1979 through 1981 crops of wheat and feed grains to mitigate the adverse effects of the export restrictions on agricultural products to the Soviet Union. Stipulates that the levels of such loans shall not be used in determining the levels at which producers may or must repay loans prior to their maturity dates. Directs the Secretary to waive interest on such loans. Revises the restrictions on the authority of the Commodity Credit Corporation to sell its stocks of wheat or feed grains to: (1) exempt acquisitions for the food security and trade suspension reserves; (2) set the minimum level for such sales at 105 percent of the then current level at which the Secretary may call for repayment of producer storage loans prior to the maturity dates (formerly, 150 percent of the then current level of price support); and (3) set the minimum level for the sale of corn for use in the production of alcohol for motor fuel at the higher of the price at which producers may repay producer storage loans for the fuel conversion price (formerly set at the release level under the extended loan program). Defines the fuel conversion price as that price which permits gasohol to be competitive in price with unleaded gasoline. Requires the Corporation to acquire specified minimum amounts of wheat and corn to ensure that export restrictions on agricultural products to the Soviet Union do not adversely affect prices producers receive for agricultural commodities. Prohibits purchases at prices less than the national average market prices producers receive immediately prior to the imposition of such export restrictions. Directs the President to establish and maintain through September 30, 1985, a reserve stock of wheat to be used for: (1) emergency food assistance to developing countries when domestic supplies are limited; and (2) urgent humanitarian relief to any country suffering a major disaster in circumstances of unanticipated and exceptional need. Permits the replenishment of such reserve through purchases which will not unduly disrupt the market and by designation of stocks of wheat otherwise acquired by the Corporation. Declares that wheat released from such reserve shall be made available under the Agricultural Trade Development and Assistance Act of 1954, but shall be exempt from the determinations of availability under such Act. Directs the Secretary to provide for management of stocks of wheat in the reserve to meet emergency situations and for the periodic rotation of such stocks to avoid spoilage. Requires the replacement of any wheat removed from the reserve for such purposes. States that such stocks shall not be considered a part of the total domestic supply and shall not be subject to specified export limitations. Provides for stocks of wheat remaining in the reserve after September 30, 1985, to be used for emergency food needs in developing countries. Authorizes the Secretary to use the funds, facilities, and authorities of the Corporation to purchase agricultural products, other than grains, that were intended to be exported to the Soviet Union, but cannot be exported due to the restrictions. Permits the Secretary to announce and provide for a set-aside of cropland for one or more of the 1980 or 1981 crops of wheat, feed grains, upland cotton, and rice, if such action is in the public interest as a result of export restrictions on such commodities. Authorizes the Secretary of Agriculture to establish a gasohol feedstock reserve and/or a food security reserve of any agricultural commodity of which exports are suspended or restricted for national security or foreign policy reasons which adversely affect prices. Directs the Secretary to announce, within 30 days of such an export suspension or restriction: (1) if such reserves will be established; and (2) the amount of the commodity that will be placed in such reserves. Authorizes the Secretary to establish a gasohol feedstock reserve and a food security reserve by purchasing suitable commodities from producers or by designation of stocks held by the Corporation. Sets forth conditions for the sale or release of stocks of such reserves similar to those required for the disposal of stocks acquired to mitigate the adverse effects of export restrictions on agricultural products to the Soviet Union. Directs the Secretary, in cooperation with the U.S. Trade Representative, to study and report to Congress on the potential for expanding U.S. agricultural export markets and the use of such exports in obtaining products needed by the United States.
United States · United States Congress · 1 May 1980
Extends the condolences of the Senate to the families of the eight American servicemen who lost their lives during the mission to rescue the hostages in Iran. Declares the sense of the Senate that the President order the American flag to be flown at half-mast on all government grounds from May 4 through May 11, 1980, as a mark of respect for such servicemen.
United States · United States Congress · 30 April 1980
Amends the Small Business Act to require the Small Business Administration to provide assistance to U.S. citizen-owned businesses domiciled outside the United States which foster the export of American goods and services.
United States · United States Congress · 30 April 1980
Conveys all right to $1,000,000,000 of the blocked Iranian assets to the United States. Establishes the Iranian Claims Fund in the U.S. Treasury to contain such assets. Directs the Secretary of the Treasury to use such Fund to pay specified amounts to the U.S. hostages held in Iran or their legal representatives. Directs the Secretary to make payments out of any remaining amounts to: (1) the estates of those members of the uniformed services who died performing duties in response to the taking of the hostages; and (2) those Federal agencies which have incurred expenses while performing duties in response to the taking of the hostages. Directs the Secretary to convey the balance into miscellaneous receipts of the Treasury. Declares that any payment made pursuant to this Act shall not be construed as having divested any U.S. claimant of any rights against Iran, subject to any claims agreement between Iran and the United States.
United States · United States Congress · 29 April 1980
Grants a Federal charter to the United States Submarine Veterans of World War II. Declares that the purpose of such corporation is to establish memorials to those who served aboard United States submarines and gave their lives during World War II.
United States · United States Congress · 29 April 1980
Designates July 18, 1980, as "National P.O.W.-M.I.A. Recognition Day."
United States · United States Congress · 28 April 1980
Expresses the gratitude and commendation of the Senate to the military personnel who participated in the rescue attempt of the American hostages in Iran. Extends the condolences of the Senate to the families of those who sacrificed their lives in such attempt.
United States · United States Congress · 22 April 1980
Emergency Livestock Credit Act of 1980 - Directs the Secretary of Agriculture to provide financial assistance to bona fide farmers and ranchers who are primarily and directly engaged in agricultural production and who have substantial operations in breeding, raising, fattening, or marketing livestock. Directs the Secretary to guarantee loans made by any legally-organized lending agency up to 90 percent of the principal and interest. Requires such lender, as a condition of the guarantee, to certify to the Secretary that the lender is unwilling to provide credit to the applicant in the absence of such guarantee, that the applicant is directly engaged in agricultural production and the financing provided is to be used for livestock purposes, and that the loan is to maintain existing operations. Establishes a ceiling on the amount of loans guaranteed for any borrower. Requires such loans to be secured by collateral acceptable to the Secretary. Establishes a ceiling on the total amount of loan guarantees outstanding. Excludes such guarantees from the budget totals of the United States Government. Applies the provisions of the Consolidated Farm and Rural Development Act to loans guaranteed under this Act.
United States · United States Congress · 17 April 1980
Amends the Clean Water Act to repeal the industrial cost recovery provisions which required that applicants for treatment works construction grants make provision for receiving payment from industrial users for that portion of the Federal share of the construction cost allocable to industrial wastes treatment. Makes technical and conforming amendments in such Act. Directs the Administrator of the Environmental Protection Agency to remove from any such grants made after March 1, 1973, and prior to the date of enactment of this Act, any condition or requirement no longer applicable as a result of such repeal or to release any grant recipient from such obligations. Amends the Clean Water Act of 1977 to make technical and conforming amendments related to such repeal of industrial cost recovery provisions. Declares that the amendments made by this Act shall take effect on December 27, 1977.
United States · United States Congress · 15 April 1980
Southwest Collegiate Institute for the Deaf Act - Authorizes the Secretary of Education to enter into an agreement with the Howard County Junior College District of Big Spring, Texas, for the establishment and operation, including construction and equipment, of the Southwest Collegiate Institute for the Deaf. Sets forth requirements, under such agreement, for the use of Federal funds, an advisory group to the director of such institute, and annual reports.
United States · United States Congress · 15 April 1980
Directs the President to utilize the forum of the Venice Economic Summit to urge the development of an International Code of Business Conduct. Expresses the sense of Congress that the President should negotiate and report to Congress concerning agreements to establish standards of ethical and equitable conduct of international business and mechanisms to resolve problems. Requires the Joint Economic Committee to report to Congress concerning its recommendations regarding such negotiations.
United States · United States Congress · 3 April 1980
Grants a Federal charter to the Italian American War Veterans of the United States.
United States · United States Congress · 2 April 1980
Amends the Internal Revenue Code to exempt independent producer oil and royalty oil from the windfall profits tax.
United States · United States Congress · 2 April 1980
Amends the Internal Revenue Code to exempt a certain portion of royalty owner oil production from the windfall profit tax. Limits the amount so exempted per quarter to ten barrels per day. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil and tier 2 oil, and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.
United States · United States Congress · 2 April 1980
Deems certain oil and gas leases to be in full force and effect under specified conditions.
United States · United States Congress · 2 April 1980
Requests the President to designate the reunion of American and Japanese veterans at Iwo Jima on June 11, 1980, as a national historic event.
United States · United States Congress · 1 April 1980
Service Liability Partial Self- Insurance Act of 1980 - Amends the Internal Revenue Code to allow a deduction to any taxpayer furnishing professional design services for cash contributions to his service liability trust and for cash amounts paid to a captive insurer (wholly or partially-owned by the taxpayer) for service liability insurance. Defines service liability as liability for tort damages attributable to negligence in, breach of warranty regarding, or defects in the professional construction or modification design of buildings or structures on real property. Limits the allowable deduction: (1) for a taxpayer with a severe service liability problem to a maximum of $100,000, or one of two specified formula sums, whichever is least; and (2) for a taxpayer with no severe liability problem to a maximum of $25,000, or one of two formula sums, whichever is least. Penalizes unauthorized distributions from such accounts except for: (1) corrective withdrawal of excess contributions; (2) distributions when a change of circumstances renders continued maintenance of no trade or business purpose; (3) transfers of rollover amounts; (4) distributions following complete liquidation of the pertinent trade or business; and (5) certain sales deemed distributions. Limits the investment of account assets to: (1) Federal public debt securities; (2) nondefaulted State or local obligations; (3) time or demand deposits in certain Federally insured financial institutions; or (4) any other investment asset permissable under law of the State where such account is organized. Treats service liability loss reserves as amounts accumulated for the reasonably anticipated needs of a business, for purposes of avoiding the accumulated earnings tax.
United States · United States Congress · 18 March 1980
Rescinds $229,000,000 in appropriations provided for the purchase of furniture by Federal agencies and departments in fiscal year 1980. Requires the Director of the Office of Management and Budget to allocate such rescission among the agencies and departments and to report to the Committees on Appropriations of the House of Representatives and the Senate concerning the allocation. Rescinds $15,000,000 in appropriations made to the Federal Buildings Fund for the rental of space in fiscal year 1980.
United States · United States Congress · 18 March 1980
Designates the week of September 21 through 27, 1980, as "National Cystic Fibrosis Week."
United States · United States Congress · 12 March 1980
Productivity Improvement Act of 1980 - Establishes the National Productivity Council which shall: (1) develop and annually revise a comprehensive national productivity plan which examines the effects of Government policies and activities on the productivity of the private sector and recommends Federal policies and activities for improving productivity; (2) obtain the cooperation of the private sector in implementing the plan; (3) perform economic analyses of the impact on productivity of selected Federal statutes and regulations; (4) make legislative and regulatory recommendations to the President, Congress, and Federal agencies concerning ways to improve productivity in the private sector; (5) act as the primary source of information in the Government concerning efforts to improve productivity in the private sector; (6) report annually to Congress and the President on the implementation and revisions of the plan; and (7) delineate the productivity improvement functions of Federal agencies. Establishes a National Productivity Advisory Board to advise the Council concerning activities for the improvement of productivity in the private sector. Requires the Secretary of Commerce, the Secretary of Labor, and the Director of the Federal Mediation and Conciliation Service to perform specified functions designed to improve private sector productivity. Authorizes appropriations to carry out this Act.
United States · United States Congress · 12 March 1980
Amends the Act establishing the Big Thicket National Preserve in the State of Texas to authorize additional appropriations not to exceed $18,400,000 for fiscal year 1980 for the acquisition of land and interests in lands.
United States · United States Congress · 12 March 1980
Amends the Internal Revenue Code to increase from $20,000 to $60,000 annually the earned income exclusion for United States citizens working abroad who are bona fide residents of a foreign country. Reduces from 17 to 11 months the residency requirement for such exclusion. Waives such requirement if the Secretary of the Treasury determines that such citizens who would otherwise qualify for the exclusion were forced to leave a foreign country before they had resided 11 consecutive months because of civil unrest, war, or other adverse conditions precluding the normal conduct of business. Reduces from 17 to 11 months the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad. Revises the formula for determining the base housing amount with regard to such deduction to make it 16 percent of the salary of a GS-14, step 1. Repeals similar deductions for cost-of-living differential, schooling expenses, home leave travel expenses, and residence in a hardship area.
United States · United States Congress · 4 March 1980
Export Trading Company Act of 1980 - Directs the Secretary of Commerce, through the Assistant Secretary of Commerce for Trade Promotion, to promote export trading companies and facilitate contacts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest up to specified amounts in export trading companies without obtaining the prior approval of the appropriate Federal banking agency. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations after: (1) filing an application to make such investments with the appropriate Federal banking agency; and (2) proposed investment is not denied by such agency. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Prohibits those banking organizations, and their affiliates, with an ownership interest in any export trading company from extending credit to such companies or customers of such companies on more favorable terms than those afforded to similar borrowers. Authorizes the Export-Import Bank of the United States to provide loans and guarantees to export trading companies for the financing of exports and export trade services in specified circumstances. Limits the amount of loans and guarantees to any one company and in the aggregate. Declares that such authority shall expire five years from enactment. Authorizes the Bank to provide loan guarantees to such companies or exporters to be secured by accounts receivable or inventories in specified circumstances. Permits State and local governments to participate in export trading companies. Declares that such companies shall be eligible for the Export-Import Bank's loans and guarantees under this Act. Amends the Webb-Pomerene Act to exempt export trading companies solely with respect to their export trade activities from antitrust restrictions. Amends the Internal Revenue Code of 1954 to make banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Amends the Internal Revenue Code of 1954 to make export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.
United States · United States Congress · 26 February 1980
Export Expansion Facility Amendments of 1980 - Declares it to be the policy of the Congress that the Export-Import Bank of the United States should facilitate, particularly in the presence of foreign officially-supported export credit competition, exports to countries: (1) having insufficient access to international credit facilities; (2) demonstrating reasonable economic progress; and (3) offering adequate formal assurances (currently, must offer only sufficient likelihood) of repayment. Increases the aggregate amount of loans and contractual liability of guarantees and insurance which may be outstanding at any one time. Requires such activities to be carried out through the Export Expansion Facility. Provides for the capitalization of such Facility.