United States · United States Congress · 4 February 1988
Child Protection and Obscenity Enforcement Act of 1988 - Title I: Child Pornography - Amends the Federal criminal code to make it illegal to use a computer to transport information in interstate or foreign commerce concerning the visual depiction of minors engaging in sexually explicit conduct (child pornography). Establishes criminal penalties for buying, selling, or transferring the custody of a minor: (1) knowing that, as a consequence of the sale or transfer, the minor will be used in child pornography; or (2) with the intent to promote child pornography. States that such sale or transfer must involve: (1) the minor or other actor traveling in interstate or foreign commerce; (2) communications in interstate or foreign commerce; or (3) conduct in a territory or possession of the United States. Requires any person who produces a book, magazine, periodical, film, videotape, or other matter which contains any visual depiction of sexually explicit conduct (which is shipped or intended for shipment in interstate or foreign commerce, or contains material shipped in interstate or foreign commerce) to maintain certain records regarding the performers portrayed in such conduct. Directs the Attorney General to issue regulations regarding the maintenance and availability of such records. Includes the sexual exploitation of children as a predicate offense to the Racketeer Influenced and Corrupt Organizations (RICO) statute. Title II: Obscenity - Makes it a Federal criminal offense to receive or possess, with the intent to distribute, obscene matter which has been transported in interstate or foreign commerce. Makes it a Federal criminal offense to knowingly use a facility or means of commerce to sell or distribute obscene matter in interstate or foreign commerce. Establishes a rebuttable presumption, with respect to Federal criminal offenses involving obscene matter, that obscene matter produced in one State (or outside the United States) which is subsequently located in another State (or in the United States) was transported, shipped, or carried in interstate (or foreign) commerce. Establishes criminal and civil forfeiture procedures with respect to Federal offenses involving obscene material and child pornography. Includes communications by means of cable or subscription television within the prohibition against broadcasting obscene language. Amends the Communications Act of 1934 to modify the penalty provisions of such Act with respect to obscene telephone communications. Amends the Federal criminal code to establish criminal penalties for the possession or sale of obscene matter on Federal property. Adds obscenity offenses to the list of crimes for which the Government may obtain wiretaps.
United States · United States Congress · 4 February 1988
Prohibition of Undetectable Firearms Act - Amends the Federal criminal code to prohibit the manufacture or importation of plastic firearms unless the polymer portions of the frame or receiver, barrel, and slide or cylinder have been infused with a compound sufficient to render such firearm capable of being detected by airport security x-ray systems, and: (1) the barrel of such firearm is constructed of a metallic substance susceptible to being detected by a magnetometer; or (2) certain identifying information is engraved, cast, or stamped in a metallic substance susceptible to being detected by a magnetometer. Defines the term "plastic firearm" to mean a firearm, the frame or receiver and slide (or the frame or receiver and cylinder) of which is constructed entirely of polymer or ceramic. States that no provision of this Act shall apply to any firearm manufactured, imported, or possessed prior to the date of enactment of this Act.
United States · United States Congress · 4 February 1988
Amends title XIX (Medicaid) of the Social Security Act of require States to extend Medicaid coverage to all pregnant women and infants up to age one whose family income falls below the Federal poverty level.
United States · United States Congress · 22 December 1987
Thanks the Honorable John C. Stennis, President pro tempore, for the manner in which he presided over the Senate during the first session of the 100th Congress.
United States · United States Congress · 17 December 1987
Expresses the sense of the Congress that: (1) the United States Trade Representative should initiate an unfair trade practice investigation with respect to the subsidization of European Community soybean products; and (2) the President should use his authority to enforce trade agreements under the Trade Act of 1974 to restore the benefits due to the U.S. soybean industry as a result of the European Community agreement to provide duty-free treatment to U.S. soybean products.
United States · United States Congress · 10 December 1987
Amends the Internal Revenue Code to provide that the amount of a qualified artistic charitable contribution for income tax deduction purposes shall be the fair market value of the property contributed (determined at the time of such contribution). Defines "qualified artistic charitable contribution" as the contribution of any literary, music, artistic, or scholarly composition, letter or memorandum, or similar property, but only if: (1) such property was created by the personal efforts of the taxpayer making the contribution no less than one year prior to the contribution; (2) there is included with the tax return a written appraisal of the fair market value of the property; and (3) the use of such property by the donee is related to the purpose or function constituting the basis for the donee's tax exemption. Limits the amount of qualified artistic charitable contributions available to a taxpayer in any taxable year to the taxpayer's artistic adjusted gross income, as defined in this Act. Prohibits public officials from taking a deduction for the donation of their papers if the papers were generated as the work product of such individuals while employed as officers or employees of the United States or of any State. Provides that alternative tax itemized deductions shall be determined without regard to the deduction for qualified artistic charitable contributions.
United States · United States Congress · 30 November 1987
Expresses the sense of the Senate that the current policies of the Government of Brazil toward the informatics industry (computer software and related equipment and services) impose an unreasonable burden on commerce and have worsened since the initiation of an investigation of such policies under the Trade Act of 1974. Supports the action announced by the President to raise tariffs against certain Brazilian products and to prohibit imports of certain Brazilian informatics products.
United States · United States Congress · 5 November 1987
Genocide Convention Implementation Act of 1987 - Amends the Federal criminal code to establish the criminal offense of genocide. Sets forth penalties to be imposed upon anyone who commits or attempts to commit any of the acts which constitute genocide (a fine of $1,000,000 and/or imprisonment for up to 20 years, and life imprisonment if group members are killed). Sets forth criminal penalties (a fine of $500,000 and/or imprisonment for up to five years) for directly and publicly inciting an act of genocide.
United States · United States Congress · 30 October 1987
Individual Appropriations Act - Requires the committee of conference to report a separate conference report for each title of a bill or joint resolution making continuing appropriations for a period of 30 days or more, together with any amendments in disagreement for each title. Requires each title to be assigned a bill number and considered separately. Makes it out of order in the House of Representatives and the Senate: (1) to consider such bill or joint resolution unless each title corresponds to a regular appropriations bill; and (2) for any general provisions of such bill or joint resolution not to be contained in the appropriate title. Excludes any bill or joint resolution making supplemental appropriations from provisions of this Act. Makes such Act applicable to FY 1988, 1989, and 1990.
United States · United States Congress · 27 October 1987
Declares that the Senate commends the organizers and participants of Justice For All Day and expresses gratitude to all persons who work to abolish poverty and ease the suffering of the poor.
United States · United States Congress · 23 October 1987
Education Savings Act of 1987 - Amends the Internal Revenue Code to permit an income tax exclusion to a taxpayer who transfers a qualified U.S. savings bond to an eligible institution of higher education or vocational school to pay the higher education expenses (tuition, fees, books, supplies, and equipment) of the taxpayer, spouse, or dependent. Excludes from gross income the lesser of: (1) the otherwise taxable amount involved in the transfer; or (2) the amount of the relevant higher education expenses. Phases out the permissible exclusion in the case of taxpayers having adjusted gross income of $75,000 or more, disallowing it entirely when income exceeds $150,000. Directs the Secretary of the Treasury to advise the general public of the program established by this Act. Amends Federal law to permit: (1) the type of transfer of U.S. savings bonds that would be necessary to effect the tax exclusions described in this Act; and (2) redemption of such bonds by recipient institutions.
United States · United States Congress · 16 October 1987
Amends the Deficit Reduction Act of 1984 to permanently disregard in-kind assistance provided by nonprofit organizations to recipients of benefits under title XVI (Supplemental Security Income) or part A (Aid to Families with Dependent Children) of title IV of the Social Security Act in determining the need or eligibility of such recipients for program benefits.
United States · United States Congress · 16 October 1987
Amends the Deficit Reduction Act of 1984 to permanently disregard in-kind assistance provided by nonprofit organizations to recipients of benefits under title XVI (Supplemental Security Income) or part A (Aid to Families with Dependent Children) of title IV of the Social Security Act in determining the need or eligibility of such recipients for program benefits.
United States · United States Congress · 15 October 1987
Calls upon the Government of the Soviet Union to: (1) grant to all those who wish to join spouses in the United States permission to emigrate with their family members to the United States; and (2) give special consideration to such cases that have remained unresolved for many years.
United States · United States Congress · 13 October 1987
Designates January 28, 1988, as National Challenger Center Day. (The Challenger Center is an institution offering children and teachers activities and information derived from American space research.)
United States · United States Congress · 8 October 1987
Requires U.S. coins to be redesigned, at the discretion of the Secretary of the Treasury, over the next six years. Requires the reverse side of the first coin redesigned to commemorate the bicentennial of the U.S. Constitution for a two-year period. Requires that any profits from the sale of uncirculated and proof sets of U.S. coins be deposited in the Treasury and used solely to reduce the national debt.
United States · United States Congress · 7 October 1987
Amends title XVIII (Medicare) of the Social Security Act to ensure that rural hospitals which have no more than 50 beds and provide at least 70 percent of their inpatient hospital services to Medicare patients receive, for a three-year period, Medicare coverage of at least the reasonable costs of providing such services.
United States · United States Congress · 1 October 1987
Repeals specified provisions of the Tax Reform Act of 1986 that eliminated income averaging. Provides that the Internal Revenue Code (IRC) be applied and administered as if such provisions had not been enacted. Amends the IRC to restore income averaging for a person: (1) actively engaged in the trade or business of farming, including aquaculture; and (2) whose average annual gross income for the three preceding taxable years is at least 50 percent attributable to farming.
United States · United States Congress · 30 September 1987
Directs the Office of Personnel Management to arrange for the conversion of a portion of a Government employee's life insurance policy to long-term care insurance.
United States · United States Congress · 17 September 1987
Agent Orange Disability Benefits Act of 1987 - Creates a rebuttable presumption, for purposes of veterans' disability benefits determinations, that, in the case of any veteran who performed active service in Vietnam, the disease of non-Hodgkin's lymphoma was incurred in or aggravated by such service. Allows the presumption to be rebutted upon a showing that the veteran did not incur the disease during service performed in Vietnam or that the veteran was not exposed to herbicides while performing such service.
United States · United States Congress · 7 August 1987
Mississippi River National Heritage Corridor Act of 1987 - Establishes the Mississippi River National Heritage Corridor, which includes Arkansas, Illinois, Iowa, Kentucky, Louisiana, Minnesota, Mississippi, Missouri, Tennessee, and Wisconsin. Establishes the Mississippi River National Heritage Corridor Commission to prepare within two years a plan which includes an inventory and an assessment of the natural, economic, and historic resources of the Corridor. Requires the Commission to assist States within the Corridor and political subdivisions to preserve the values of the Corridor. Requires the Commission to collect and disseminate information related to the Corridor. Directs the Commission to assist in the development of the Great River Road. Requires the Commission to report biennially to the Secretary of the Interior and the chief executive officer of a Corridor State on the activities of the Commission. Directs the Secretary to assist and review the Commission in its work. Authorizes appropriations for FY 1989 through 1991.
United States · United States Congress · 7 August 1987
Amends Federal law to authorize the Secretary of the Treasury, with the approval of the President, to issue educational savings bonds, a form of non-transferable savings bond that: (1) pays interest only if redeemed after 12 months of issuance; and (2) ceases to bear interest at the end of the tenth year after issuance. Amends the Internal Revenue Code to exclude from the gross income of an individual any interest on educational savings bonds redeemed within 300 months of issuance to the extent: (1) the aggregate face amount of the bonds is $1,000; and (2) the interest is used to pay the higher education expenses (tuition, fees, books, supplies, meals, and lodging) of a dependent at either an institution of higher education or a vocational school.
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to allow an individual a 15 percent nonrefundable income tax credit for contributions made to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of an individual at an institution of higher education or a vocational school. Limits the credit to $150 per year per account. Adjusts this limit annually for inflation. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Disallows the credit for contributions to an account maintained for any individual who, during the relevant taxable year, either attains age 21 or begins attending an eligible educational institution. Identifies the criteria and requirements applicable to an education savings account. Permits the exclusion from the gross income of the taxpayer-contributor of payments and distributions from an education savings account as long as such amounts: (1) are used exclusively for the educational expenses of the eligible beneficiary; (2) are rolled over into another education savings account; or (3) are distributions of excess contributions before the due date of the tax return. Provides that for the ten tax years beginning when the beneficiary attains age 25, ten percent of the amount paid or distributed from an education savings account to pay the educational expenses of that individual shall be included in his or her gross income each year. Exempts the education savings accounts themselves from taxation unless they cease to be proper education savings accounts because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. Establishes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Establishes a six percent excise tax on excess contributions to an educational savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Establishes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Establishes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses (deferring taxation of these amounts until the beneficiary attains age 25).
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to provide for the establishment of education savings accounts as tax-exempt entities (except with respect to the tax on unrelated business income of charitable organizations). Identifies the criteria applicable to such accounts, which must be established exclusively for the purpose of paying the educational expenses (tuition, supplies, meals, and lodging) of an individual at an institution of higher education or a vocational school. Limits the amount of contributions to such an account to $1,000 per calendar year. Adjusts this limit annually for inflation. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Requires any balance in an education savings account to be distributed after the beneficiary attains age 25. Permits the exclusion from the gross income of the taxpayer-contributor of payments and distributions from an education savings account as long as such amounts: (1) are used exclusively for the educational expenses of the eligible beneficiary; (2) are rolled over into another education savings account; or (3) are distributions of excess contributions before the due date of the tax return. Provides that for the ten tax years beginning when the beneficiary attains age 25, ten percent of the amount paid or distributed from an education savings account to pay the educational expenses of that individual shall be included in his or her gross income each year. Retains the tax-exempt status of the accounts themselves unless they cease to be proper education savings accounts because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. Establishes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Establishes a six percent excise tax on excess contributions to an education savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Establishes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Establishes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses (deferring taxation of these amounts until the beneficiary attains age 25).
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to allow an individual a 15 percent nonrefundable income tax credit for contributions made to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of an individual at an institution of higher education or a vocational school. Limits the credit to $150 per year per account. Adjusts this limit annually for inflation. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Disallows the credit for contributions to an account maintained for any individual who, during the relevant taxable year, either attains age 21 or begins attending an eligible educational institution. Identifies the criteria and requirements applicable to an education savings account. Permits the exclusion from the gross income of the taxpayer-contributor of payments and distributions from an education savings account as long as such amounts: (1) are used exclusively for the educational expenses of the eligible beneficiary; (2) are rolled over into another education savings account; or (3) are distributions of excess contributions before the due date of the tax return. Provides that for the ten tax years beginning when the beneficiary attains age 25, ten percent of the amount paid or distributed from an education savings account to pay the educational expenses of that individual shall be included in his or her gross income each year. Establishes a 15 percent tax on the investment income of an education savings account unless it ceases to be a proper education savings account because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. (In such cases, regular capital gains tax rates would apply.) Establishes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Establishes a six percent excise tax on excess contributions to an educational savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Establishes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Establishes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses (deferring taxation of these amounts until the beneficiary attains age 25).
United States · United States Congress · 7 August 1987
Farm Credit Act of 1987 - Title I: Farm Credit Revolving Fund; Franchise Taxes; Purchase of Stock - Amends the Farm Credit Act of 1971 to repeal provisions governing: (1) the central reserve maintained by the Farm Credit Administration (FCA) for the Farm Credit System (FCS); (2) mergers of similar FCS banks; (3) the authority of the Secretary to purchase obligations issued by the Farm Credit System Capital Corporation (Capital Corporation); (4) the initial capitalization of the Capital Corporation; (5) the tax status of obligations issued jointly by the Capital Corporation and FCS banks; and (6) certain limitations on sales by FCS institutions of tracts of real estate. Directs the FCA to purchase stock to: (1) prevent impairment of FCS institution stock; (2) restore any impairment to such stock; or (3) provide collateral for obligations issued by an FCS bank to finance its lending operations. Identifies the resulting resource as the Farm Credit Revolving Fund. Requires the FCA, beginning in 1993, to mandate the retirement of such stock when the need for Government-owned stock is reduced or nonexistent. Mandates the availability of revolving fund monies to purchase obligations of the Farm Credit Banks Insurance Corporation and to make loans to the Loan Restructuring Corporation. Directs the FCA to make payments to holders of certain FCS associations placed in liquidation to ensure that they receive par value for the stock. Empowers the FCA, through the FCA Board, to make and issue non interest-bearing notes to the Secretary of the Treasury (Secretary) to obtain funds for the revolving fund as necessary to permit the FCA to carry out required stock purchases, as well as loan and payment obligations. Requires the Secretary to purchase these notes, up to a maximum total of $6,000,000,000. Prohibits the issue of obligations to obtain funds to purchase stock of FCS institutions after 1992. Imposes a franchise tax, earmarked for the revolving fund, on each FCS bank and production credit association. Forgives such tax to the extent it would result in an impairment of the institution's stock. Imposes an additional franchise tax, effective in 1993, on FCS banks or associations in which the FCA holds stock. Reduces this tax to the extent of any amount the institution either paid to the United States for the retirement of any of its FCA-held stock or contributed to another FCS bank or association to permit it to retire FCA-held stock. Directs the FCA, after notice and an opportunity for a hearing, to suspend the charter of any institution that fails to comply with franchise tax obligations. Permits the issuance of nonvoting Federal land bank stock to the FCA for this Act's purposes. Prohibits: (1) the payment of dividends on such FCA-held stock; and (2) patronage refunds in a year during which the FCA holds stock in the land bank. Applies corresponding prohibitions to Federal land bank associations. Fixes minimum funding requirements for reserves maintained by Federal land banks and Federal land bank associations. Establishes obligation contribution percentages with respect to these reserves. Grants to the FCA the first lien on stock and participation certificates it holds in Federal land banks and land bank associations. Permits the issuance of nonvoting Federal intermediate credit bank stock to the FCA for this Act's purposes. Prohibits: (1) the payment of dividends, unless authorized by the FCA Board, in any year when the FCA holds stock in the bank; and (2) the retirement of stock or of participation certificates if the FCA holds stock in the bank. Establishes a framework and procedures to govern: (1) the annual application of the net earnings of an intermediate credit bank in which the FCA holds stock; and (2) the absorption of its net losses. Includes provisions for the establishment of a reserve account. Exempts allocations to such an account from Federal income taxes. Prohibits a Federal intermediate credit bank from paying patronage refunds in a year when the FCA holds stock in the bank. Grants priority to FCA-owner stock (after liabilities are paid) for purposes of distribution of assets on liquidation. Permits the issuance to the FCA of nonvoting stock of a production credit association (PCA) for this Act's purposes. Prohibits: (1) the payment of dividends (other than preferred stock) in any year when the FCA holds stock in the PCA; and (2) patronage refunds in a year during which the FCA holds stock in the PCA. Grants to the FCA the first lien on stock and participation certificates it holds in a PCA. Grants a limited tax exemption to PCAs and their property, funds, and income. Permits the issuance to the FCA of nonvoting stock of banks for cooperatives for this Act's purposes. Grants to the FCA first lien on stock it holds in the bank. Establishes a framework and procedures to govern the annual application of the net earnings of a bank for cooperatives in which the FCA holds stock. Includes provision for the creation of a surplus account. Grants a limited tax exemption to banks for cooperatives, their property, funds, and income Empowers the FCA expressly to invest in the stock of FCS banks and associations out of the pertinent revolving fund and to require the stocks' retirement. Title II: Loan Restructuring - Amends the Farm Credit Act of 1971 to repeal the December 31, 1987, sunset review of the Farm Credit System Capital Corporation. Changes the name of the Capital Corporation to the Loan Restructuring Corporation (LRC). Requires the FCA board to revoke the charter of the LRC on December 31, 1990, unless it unanimously adopts a one-year extension. Directs the LRC to: (1) hold, restructure, collect, sell, and otherwise administer nonperforming assets participated in or acquired from other FCS institutions; and (2) provide technical assistance to FCS institutions in connection with borrower loan restructing activities. Provides for an LRC Board of Directors. Transfers generally the corporate powers of the Capital Corporation to the LRC. Adds the power to: (1) carry out a loan restructuring program; and (2) grant forbearance on, restructure, or liquidate any loan participated in or acquired from an FCS institution. Repeals a number of powers relating to the issuance and sale of obligations, the administration of financial assistance, the purchase of nonaccrual loans and assets, and the purchase of certain assets from associations undergoing liquidation. Rescinds any required Capital Corporation purchase or assessment taken between July 31, 1986, and the date of this Act's enactment. Orders a refund of such funds, as well as contributions under loss-sharing agreements, to contributor institutions. Requires the LRC and each farm credit district to have in place within 60 days of this Act's enactment a policy that includes: (1) a case-by-case review of nonaccrual loans to determine whether they should be considered for forbearance, restructuring, or liquidation; and (2) a case-by-case review of all high-risk loans to determine appropriate measures to prevent them from becoming nonaccrual loans. Describes required policy contents, including mandatory provisions indicating that forbearance will be granted to the maximum extent possible to avoid losses to the institution, and that restructuring will be effected in ways that would enable borrower repayments without impairing the borrower's standard of living if specified conditions are met. Requires each farm credit district board to establish a Special Credit Team to help the district's banks and associations in dealing with nonaccrual and high-risk loans. Mandates that each district plan establish an appeals procedure with respect to loans determined to be ineligible for restructuring. Describes criteria to be met by the appeal process. Prohibits an FCS institution from requiring a borrower to provide additional collateral or from foreclosing certain loans as a result of the borrower's failure to do so. Permits a borrower, upon application, to retain possession and occupancy of qualified homestead property for between three and five years, in certain cases of foreclosure, bankruptcy, or involuntary liquidation. Describes the eligibility requirements to be met by affected borrowers. Grants to the borrower the right of first refusal with respect to the homestead property at the end of the prescribed occupancy period. Makes homestead provisions inapplicable in cases when appraisal indicates that the value of the acquired real estate prior to the separation of the homestead would exceed the sum of the values of each component property. Prohibits an FCS institution from: (1) selling any agricultural land acquired as a result of loan foreclosure, bankruptcy, or voluntary loan liquidation if the sale would have a substantial adverse effect on the agricultural land values in the area where the real estate in question is located; or (2) combining for sale or lease acquired real estate tracts when the size of the resulting tract substantially exceeds that of an average farming or ranching operation in the area where the tracts are located. Requires FCS institutions to subdivide tracts that are larger than the average family farming or ranching operation before offering them for sale or lease. Mandates that: (1) offers to sell or lease property acquired by an FCS institution (other than offers to another FCS institution) be public offers; and (2) the sale or lease of such property be based on competitive bidding. Directs the FCA to issue regulations to govern such bidding, including provisions to ensure: (1) actual notice to the previous owner of the availability of the property; and (2) sale or lease to the highest bidder, subject to the previous owner's right of first refusal. Sets forth similar but distinct provisions to govern leases of property for terms of between five and ten years to family farmers or ranchers. Requires that each of these leases contain an option to buy the property when the lease term expires. Requires persons (beginning in 1990) who enter into installment sales agreements or similar financing arrangements, to purchase FCS acquired property to buy stock or participation certificates in the pertinent institution. Requires each FCS institution holding acquired property on the date of this Act's enactment to sell or lease the property within four years. Applies the same four-year requirement to subsequently acquired property, with the reference date being that on which the institution acquires the property. Transfers the functions and role of the Federal Farm Credit Capital Corporation to the Loan Restructuring Corporation. Lists documents and information that FCS institutions must provide to borrowers, including interest rate data and corporate materials. States that any person who suffers legal wrong or who is aggrieved or adversely affected by the violation in question has the right to sue: (1) an FCS institution for violations of duty, standard, or limitation or of corollary FCA orders; or (2) the FCA for failure to perform duties. Grants jurisdiction in such cases to Federal district courts, without regard to the amount in controversy. Title III: Insurance of Obligations of Farm Credit Banks; Liability of Banks on Obligations - Amends the Farm Credit Act of 1971 to create a Farm Credit Banks Insurance Corporation, under the direction of the FCA Board, having as its duty to insure the notes, bonds, and similar obligations of eligible FCS banks. Enumerates corporate powers. Requires each FCS bank to apply for insurance within 90 days of this Act's enactment. Describes required contents for such applications. Directs the Corporation to reject the application of any bank having unsafe financial policies or management. Prescribes: (1) the extent of insurance to be provided; (2) the assessment of premiums to be paid (not to exceed two-tenths of one percent of the proceeds of the obligation); (3) the establishment of a reserve; (4) procedures for terminating insurance; and (5) actions to be taken against banks that violate duties or engage in unsafe or unsound practices. Mandates that, beginning in 1993, any minimum capital adequacy requirement in connection with the aggregate obligations of a bank or banks be established at a level to reduce, to the extent practicable, the risk of loss to the Corporation. Prohibits a bank from participating in a joint issuance of obligations due and payable after 1992 unless it is insured by the Corporation. Sets forth the order of liability of affected banks with respect to certain consolidated or system-wide obligations issued between January 1, 1988, and December 31, 1992. Title IV: Real Estate Lending; Interest Rates - Amends the Farm Credit Act of 1971 to prohibit Federal land banks from making agricultural real estate mortgage loans to persons who are not bona fide farmers or ranchers, an defined by this Act. Requires each Federal land bank to make available to eligible borrowers long-term real estate mortgage loans having terms of at least 15 years at a fixed interest rate. Caps the permissible interest rate on such loans at two percent above the average interest rate on the bank's obligations of comparable maturities during the preceding 12 months. Provides for differential interest rate programs for loans of Federal land bank association members. Caps the permissible interest rate on all the agricultural loans of a bank at two percent above the average interest rate on obligations issued by the bank during the preceding 12 months. Permits the FCA to authorize a higher interest rate under certain circumstances. Restricts loans to no more than 75 percent of the appraised value to the real estate security (the current general restrictions is 85 percent). Permits an 85 percent limitation in case of young or beginning farmers or ranchers. Sets standards for determining appraised value. Directs each Federal land bank to: (1) require borrower financial statements at least triennially; (2) establish a future payment plan into which participating borrowers could pay amounts to be offset against indebtedness. Caps the permissible interest rate on short- and intermediate-term loans of production credit associations at two percent above their discount rate. Allows a differential interest rate program for member loans only upon stockholder approval. Requires FCA approval for certain loans. Title V: Service Organizations - Amends the Farm Credit Act of 1971 to direct the FCA to revoke the charter issued to the Farm Credit Corporation of America as of FY 1990, unless a majority of the members of the boards of directors of each Federal land bank association, production credit association, farm credit district, and the Central Bank for Cooperatives votes to permit its continuation. Bars from the charter of the Federal Farm Credit Banks Funding Corporation (Funding Corporation) provisions that would permit the Funding Corporation to set policy or otherwise assume responsibilities of other FCS institutions with regard to member-borrower services. Directs the FCA, within 30 days of this Act's enactment, to amend the charter of the Funding Corporation to provide for a board of directors. Requires the Funding Corporation to report annually to each FCS bank and association and to specified congressional committees detailing its bond placements, budget, costs, and expenses. Prohibits the FCA from issuing a charter to any new service corporation unless specifically authorized by an Act of Congress. Title VI: Mergers - Amends the Farm Credit Act of 1971 with respect to mergers of various FCS institutions. Provides for a mandatory 60-day cooling off period before a voluntary merger of FCS associations becomes effective. Requires association seeking voluntary merger: (1) to notify stockholders of the meeting date before any meeting at which they will vote on the merger; and (2) to provide a statement of the advantages and disadvantages associated with the merger. Conditions mergers of similar FCS banks on the unanimous approval of the FCA Board. Shifts from the FCA to the FCA Board the responsibility for assuring nondiscriminatory treatment of associations that disapprove mergers. Directs the FCA to issue regulations to provide for and govern reconsideration by stockholders of voluntary mergers of associations between January 1, 1986, and the date of this Act's enactment. Title VII: Boards of Directors - Amends the Farm Credit Act of 1971 to revise membership provisions with respect to the boards of directors of Federal land bank associations, production credit associations, the Central Bank for Cooperatives, and farm credit districts. Permits outside directors for the first two entities and requires them for the latter two. Establishes procedures by which FCS bank stockholders may establish or abolish a separate board of directors. Sets forth membership requirements applicable to such a board. Title VIII: Amendments to Title V of the Farm Credit Act of 1971; Miscellaneous - Amends the Farm Credit Act of 1971 to limit the annual compensation of a farm credit district director to $15,000. Revises membership provisions applicable to the FCA Board, as well as provisions relating to its internal operation and to the responsibilities of the Chairman. Subjects certain of the Chairman's personnel appointments and the Chairman's establishment of advisory committees to Board approval. Grants to the Board additional powers with regard to bank mergers and the salary scale or rate of compensation of certain FCS institution employees. Empowers the FCA to appoint a farm credit appraiser for each farm credit district. Shifts: (1) from the Chairman of the FCA board to the Board itself various determinations affecting examinations of FCS institutions; and (2) from the FCA to the FCA Board certain decision and appointments in connection with receiverships or conservatorships of FCS institutions. Prohibits any farm credit district board, bank board, or bank officer or employee from removing any director or officer of any production credit association or Federal land bank association. Sets forth provisions with respect to FCA examinations of Federal land bank associations, requiring them at least once every five years. Prohibits FCS institutions from contracting for an independent audit of FCS institutions or certain other financial institutions unless the agreement covers no more than two years and is entered into under competitive bidding procedures. Directs each Federal land bank financing all or part of the stock of a Federal land bank association to charge a loan origination fee, to a maximum of two percent of the loan amount, in connection with loans made by a bank to a borrower. Prohibits the financing of such a fee. Prohibits the requirement of Federal land bank association stock prior to full payment of the loan. Excepts loans in default from this prohibition. Requires that Federal land bank or production credit association loan applications clearly state specified information concerning the amount of stock required to be purchased and its retirement. Title IX: Farmers Home Administration Loan Restructuring - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to: (1) implement within 60 days of this Act's enactment a policy under which all nonaccrual farm ownership and operating loans held by the Farmers Home Administration (FmHA) and loans made by a Federal or State chartered bank, savings and loan association, or other legally organized lending agency that have been guaranteed by the Secretary are to be reviewed on a case-by-case basis to determine whether they should be considered for forbearance, restructuring, or liquidation; and (2) provide for a case-by-case review of all high-risk loans held by the FmHA to determine appropriate measures to prevent such loans from becoming nonaccrual loans. Authorizes the Secretary to pursue to final connection all loan-related claims against third parties assigned to the Secretary. Directs the Secretary to: (1) grant forbearance on nonaccrual and high-risk loans to the maximum extent possible to avoid FmHA losses; and (2) to restructure loans in ways that would enable borrower repayments without impairing the borrower's standard of living if specified conditions are met. Requires that the Secretary establish an appeals procedure with respect to loans determined to be ineligible for restructuring. Describes criteria to be met by the appeal process. Prohibits the Secretary from requiring any borrower to provide additional collateral or from foreclosing certain loans as a result of the borrower's failure to do so. Permits a borrower, upon application, to retain possession and occupancy of qualified homestead property for between three and five years in certain cases of foreclosure, bankruptcy, or involuntary liquidation. Describes the eligibility requirements to be met by affected borrowers. Grants to the borrower the right of first refusal with respect to the homestead property at the end of the prescribed occupancy period. Directs the Secretary to permit a borrower to redeem real property acquired through legal process during the year following the date of judgment or the period prescribed under State law, whichever is longer. Applies State law to the redemption process. Fixes priorities as to borrower preference for redemption purchases. Revises farmland disposition provisions to give previous owners or operators the right of first refusal with respect to a lease of a property and preference with respect to the awarding to management contracts governing the property. Authorizes the Secretary to sign a contract to lease land to its owner before the Secretary actually acquires the property. Requires that previous owners be given written notice of the potential sale or lease of property. Applies appeals procedures to denials of applications or disputes with respect to leases or purchase agreements. Directs the Secretary to release from the sale of any loan-securing property an amount sufficient both to assure the borrower's family a reasonable standard of living and to pay all necessary farm operating expenses. Title X: State Mediation Program - Establishes guidelines for State farm loan mediation programs. Enumerates criteria to be met by a State in order to qualify for the matching grant program instituted in this title. Lists the requirements to be met by the farm loan mediation program of a State, including provisions with respect to mediator training and duties and applications for mediation. Creates a program of matching grants to the States under which the Secretary must provide financial assistance to a qualifying State for the operation and administration of its farm loan mediation program. Limits the amount of such a grant to: (1) no more than 50 percent of the costs of the operation and administration of the State's program; and (2) $1,000,000 per year per State. Directs the Secretary to prescribe rules requiring each guarantee or insurance program under the Secretary's jurisdiction to: (1) cooperate in good faith with requests for information or for analysis; and (2) present and explore debt restructuring proposals advanced during the course of any farm loan mediation program. Mandates corresponding rulemaking by the FCA with respect to FCS institutions. Authorizes FY 1988 through 1991 appropriations.
United States · United States Congress · 7 August 1987
Designates October 15, 1987, as National Safety Belt Use Day. Authorizes and requests the President to issue a proclamation calling on the people to wear safety belts and have their children use child safety seats, and encouraging public safety and law enforcement agencies to promote these devices.
United States · United States Congress · 7 August 1987
Amends rule XV of the Standing Rules of the Senate to require, on a point of order made by any Senator, sense of the Senate or sense of the Congress amendments to be signed by at least 20 Senators.
United States · United States Congress · 7 August 1987
Amends rule XV of the Standing Rules of the Senate to require amendments to a bill, resolution, or other measure to be in the order that sections appear in such legislation, unless they are technical, clerical, or conforming amendments. Requires amendments to a bill, resolution, other measure, or a committee reported substitute treated as original text, on a point of order by any Senator, to: (1) amend the section to which it is offered; and (2) relate to the subject of such section. Prohibits the consideration of any amendment to a section of a bill, resolution, or other measure if more than 20 minutes have lapsed following final disposition of an amendment to the section under consideration.
![Official portrait of Sen. Danforth, John C. [R-MO]](https://www.congress.gov/img/member/d000030_200.jpg)