United States · United States Congress · 9 February 1989
Amends the Internal Revenue Code to revise the method of calculating the deduction for capital gains of noncorporate taxpayers, allowing a deduction equal to: (1) 60 percent for assets held for three years or more; and (2) 40 percent for assets held for between one and three years. Reduces from 34 percent to 28 percent the alternative tax rate on capital gains realized by a corporation.
United States · United States Congress · 8 February 1989
Amends the National Trails Systems Act to designate the Pony Express National Historic Trail, extending from Saint Joseph, Missouri, through Kansas, Nebraska, Colorado, Wyoming, Utah, and Nevada to Sacramento, California, as a component of the National Trails System.
United States · United States Congress · 8 February 1989
Television Broadcasting to Cuba Act - Directs the United States Information Agency (USIA) to provide television broadcasting to Cuba. Requires that any such television broadcasting be in accordance with all Voice of America standards. Requires the Director of the USIA to establish a Television Marti Service to be responsible for all television broadcasts to Cuba. Requires that all broadcasting by such Service avoid interference with any domestic television broadcasting. Amends the Radio Broadcasting to Cuba Act to rename the Advisory Board for Radio Broadcasting to Cuba as the Advisory Board for Broadcasting to Cuba. Specifies that such Board shall be responsible for both Radio Marti and Television Marti. Authorizes assistance to the USIA from other Government agencies to carry out the requirements of this Act. Authorizes appropriations for FY 1990 and 1991.
United States · United States Congress · 8 February 1989
Medicaid Home and Community Quality Services Act of 1989 - Amends title XIX (Medicaid) of the Social Security Act to require States to provide Medicaid coverage of community and family support services for severely disabled individuals who became disabled before age 22 and are living in a family home, foster family home, or community living facility. Requires that such services be provided in accordance with a written habilitation plan developed by an interdisciplinary team on the basis of a comprehensive assessment of the individual's strengths and the services and support necessary to: (1) enable such individual to attain or retain capabilities for independence or self-care; (2) promote interaction between disabled and nondisabled individuals within the community; and (3) enable disabled individuals who are over age 18 to engage in paid employment. Increases the age at which newly disabled individuals will be eligible for this Act's coverage so that eventually individuals who become disabled between age 22 and 50 will be covered. Lists the services which may comprise community and family support services, requiring that such services include at a minimum: (1) case management services; (2) individual and family support services; (3) specialized vocational services; and (4) protective intervention services. Excludes from such services: (1) room and board, other than room and board provided for less than six consecutive weeks and less than 12 weeks per year; (2) cash payments as a service; (3) aversive behavior intervention, management, or therapies; (4) services provided to a disabled individual living in a hospital, or skilled nursing or intermediate care facility; (5) educational services which the State makes generally available to its residents without cost and without regard to their income; and (6) services for which payment is made under title XVIII (Medicare), or part A (Aid to Families with Dependent Children) or B (Child Welfare Services) of title IV of the Act. Requires each State to make certain assurances regarding their provision of community and family support services and submit an implementation strategy to the Secretary of Health and Human Services. Requires that such implementation strategies: (1) describe the extent and scope of community and family support services provided to the severely disabled and the extent and scope of services provided to the severely disabled who are institutionalized; (2) set forth the objectives and a five-year strategy for expanding community and family support services for the severely disabled; (3) include certain procedures for transferring severely disabled, institutionalized individuals to family homes, foster family homes, or community living facilities; (4) set forth standards for the provision of community and family support services and a program for licensing and certifying all facilities and programs providing such services; (5) provide for assessments of the provision and affect of community and family support services and the correction of service deficiencies; (6) provide the public with an adequate opportunity to comment on the strategies; (7) set forth methods ensuring that the personnel providing community and family support services receive adequate training and are competent to provide such services; (8) provide that the State has in effect a management information system capable of collecting, storing, and retrieving data on the severely disabled who receive community and family support services; (9) provide an opportunity for an appeal and hearing before a hearing officer to individuals who believe themselves to be inappropriately served or denied an appropriate service, or who are being scheduled for an involuntary transfer from one living arrangement to another; (10) describe the methods to be used in administering community and family support services; and (11) set forth procedures to protect the interests of public employees who will be affected by the transfer of the severely disabled from public institutions. Allows States to provide any new community and family support service for up to three years without meeting the Medicaid requirements that it provide a service on a statewide basis and that the service be comparable in all parts of the State. Requires that intermediate care facility services for the mentally retarded include the ascertainment of the individual needs of each newly admitted individual by an interdisciplinary team within 30 days and the development of a written habilitation plan for each individual. Limits Medicaid payments to States for skilled nursing and intermediate care facility services furnished to individuals under age 65 who became disabled before age 22 to the amount payable for such services in the fiscal year ending after the enactment of this Act, increased if and by the extent to which the percentage increase in the consumer price index exceeds six percent. Makes such limitation inapplicable to facilities which have less than 16 beds or meet the size and location requirements for a community living facility. Requires States to have in effect a system to protect and advocate those rights of the severely disabled who are eligible for medical assistance which relate to the provision of such assistance. Provides Federal Medicaid matching funds for such system. Gives individuals who are adversely affected by a violation of this Act's requirements the right to bring an action to enjoin such violation. Allows States to set payment rates for community and family support services for the severely disabled. Authorizes States to treat severely disabled individuals under age 19 who are not in a medical institution as receiving benefits under title XVI (Supplemental Security Income) (SSI) of the Act for Medicaid eligibility purposes if they would be eligible for SSI benefits if institutionalized. Requires States to establish a uniform income standard for the severely disabled regardless of whether or not they are in a medical institution. Authorizes States to provide Medicaid coverage of disabled spouses and children who, except for the resources deemed to them, would be eligible for SSI benefits. Removes certain limitations on the Secretary's approval of reduction and correction plans for deficient intermediate care facilities for the mentally retarded. Makes individuals who are severely disabled and receiving or deemed to be receiving SSI benefits eligible for Medicaid as long as such qualifications continue to be satisfied. Directs the Secretary to establish, within the Health Care Financing Administration, a Bureau of Developmental Disabilities Services responsible for administering Medicaid programs for the severely disabled. Requires the Secretary to: (1) develop standards and a program for training Federal and State personnel who perform surveys of skilled nursing and intermediate care facilities to determine whether such facilities meet Medicaid participation requirements; and (2) periodically conduct studies of the reliability of such surveys and make the changes necessary to improve such reliability. Directs the Secretary to support the development of: (1) instruments to assess outcomes in the provision of this Act's services; and (2) competency-based personnel standards for agencies and organizations providing services to the severely disabled pursuant to this Act. Requires the Secretary to: (1) conduct an annual assessment of each State's compliance with this Act's requirements; and (2) issue final regulations regarding this Act's amendments prior to the first fiscal year beginning after this Act's enactment. Sets forth reporting requirements.
United States · United States Congress · 8 February 1989
Designates the week of April 23 through April 29, 1989, and the last full week of April of each subsequent year as National Organ and Tissue Donor Awareness Week.
United States · United States Congress · 7 February 1989
Prohibits the Secretary of Transportation from issuing regulations under the Hazardous Materials Transportation Act that characterize anhydrous ammonia as a poisonous gas.
United States · United States Congress · 7 February 1989
Amends the Internal Revenue Code to extend through 1992 the period during which qualified mortgage bonds and mortgage credit certificates may be issued. (Under current law, authority for these programs is due to expire as of 1990).
United States · United States Congress · 7 February 1989
Repeals provisions of the Tax Reform Act of 1986 and the Technical and Miscellaneous Revenue Act of 1988 that establish new nondiscrimination requirements for coverage and benefits under certain statutory employee benefit plans. (The consequence is the repeal of section 89 of the Internal Revenue Code.)
United States · United States Congress · 7 February 1989
Declares that, in celebration of Law Day, U.S.A., special emphasis and acknowledgment should be given to all law enforcement personnel for their service in preserving domestic tranquility and guaranteeing rights under law.
United States · United States Congress · 2 February 1989
Authorizes the Secretary of the Interior to provide for a trails interpretation center in the city of Council Bluffs, Iowa, to interpret the history of development and use in the State of Iowa and the adjacent region of the Lewis and Clark National Historic Trail, the Mormon Pioneer National Historic Trail, and the Oregon National Historic Trail. Prohibits the Federal share of the costs for planning, acquisition, and development of such center from exceeding 80 percent or $10,000,000, whichever is less.
United States · United States Congress · 31 January 1989
Salt Lake City Watershed Improvement Act of 1989 - Conveys certain Federal lands within the State of Utah to the Salt Lake City Corporation in exchange for the conveyance of certain city lands to the Secretary of Agriculture. Provides that the lands acquired by the United States shall be added to, and administered as part of, the National Forest System. Provides for the protection of valid existing rights appurtenant to lands exchanged under this Act. Requires the city to recognize the designation of the National Historic Trail and the Mormon Pioneer Trail over lands acquired by it and to manage such lands accordingly.
United States · United States Congress · 31 January 1989
Coal Distribution and Utilization Act - Directs the Secretary of Energy to determine, according to specified guidelines, whether any proposed interstate coal pipeline distribution system is in the national interest (including any such system using a transport medium other than water). Requires an applicant for a pipeline to offer to make available to small and independent producers the lesser of: (1) ten percent of the pipeline's capacity; or (2) the pipeline capacity necessary to satisfy such producers within the geographic region served by the pipeline. Defines a "small and independent producer" as one: (1) producing less than 200,000 tons of coal annually; or (2) not affiliated with another company. Requires the Secretary to: (1) render a decision on a pipeline's application within 18 months of its receipt; and (2) notify the Governor of each State in which the pipeline will be located. Directs the Attorney General to conduct an antitrust review of each application. Prohibits the acquisition through eminent domain of: (1) water rights; and (2) historic sites or wildlife refuges, unless there is no feasible or prudent alternative. Requires applications to list each instance where the proposed right-of-way crosses lands in which the United States maintains a mineral interest regarding coal. Requires the Secretary of the Interior to evaluate the effects of application approval upon U.S. ability to realize the value of such mineral interest. Directs the Secretary of the Interior to establish: (1) the fair market value of the Federal coal precluded from being recovered as a result of the proposed right-of-way; and (2) the amount of the reduction of the fair market value of Federal coal which will be more costly to recover as a result of the proposed right-of-way. Directs the Secretary of Energy to establish terms requiring an applicant to pay the amount established by the Secretary of the Interior. Prohibits any person or governmental entity or any interstate coal pipeline distribution system from controlling, reserving, appropriating, diverting, acquiring, using, or claiming water for export or use within or outside the State granting or denying the export or use of water in an interstate coal pipeline distribution system, unless such control takes place pursuant to the State water law. Delegates to the States the power to regulate the use or export of water in interstate coal pipeline distribution systems. States that this Act does not preempt State water law with respect to an interstate pipeline distribution system even if such law discriminates or has the effect of prohibiting the location, construction, operation, or maintenance of such pipeline. Prohibits this Act from impairing the validity of or in any way preempting any State or local law pertaining to the location, construction, operation, or maintenance of an interstate coal pipeline distribution system except where such State or local law discriminates against interstate coal pipeline distribution systems. Requires all coal pipelines granted Federal powers of eminent domain to be located underground, to the maximum extent practicable. Prohibits this Act from requiring a State to approve an automatic passthrough of pipeline construction, operation, and maintenance costs. Subjects any interstate pipeline distribution system authorized under this Act to the requirements of the Federal Water Pollution Control Act and any other applicable State and Federal environmental control laws. Directs the Secretary of Energy to notify the Administrator of the Environmental Protection Agency of applications for an interstate coal pipeline distribution system using water as the transport medium. Requires the Administrator to review the ability of the proposed interstate coal pipeline distribution system to comply with Federal water discharge requirements. Prohibits the Secretary from issuing findings as to whether or not a pipeline is in the national interest unless the Administrator has reported that requirements of the Federal Water Pollution Control Act can be met. Authorizes operators of certain interstate coal pipeline distribution systems to enter into contracts with coal shippers to provide transportation if the contract has been filed with the Federal Energy Regulatory Commission (FERC). Prohibits such operators from discriminating unreasonably by refusing to contract with other shippers under similar conditions. Sets forth grievance procedures under which FERC shall order an operator which violated this Act to provide the service contracted for. Prohibits FERC from approving any contract for pipeline transportation of coal if: (1) the total coal tonnage to be transported under contract exceeds the maximum capacity of the pipeline; or (2) the provision of coal transportation services under such contract would result in a destructive competitive practice.
United States · United States Congress · 31 January 1989
Proxmire Financial Modernization Act of 1989 - Title I: Securities Affiliates of Bank Holding Companies - Amends the Banking Act of 1933 (Glass-Steagall Act) to repeal specified provisions which: (1) prohibit a bank that is a member of the Federal Reserve System (member bank) from affiliating with a securities firm; and (2) prohibit member banks from employing officers, directors, or employees who are also employed by a firm primarily engaged in securities activities. Amends the Bank Holding Company Act of 1956 to allow bank holding companies to own shares of securities affiliates which engage in: (1) underwriting, distributing, or dealing in securities of any type; (2) securities brokerage, investment advisory, or other accepted securities activities; and (3) other activities permitted by the Board of Governors of the Federal Reserve System. Establishes criteria for Board approval of such acquisitions. Prohibits mergers between certain large banks or bank holding companies (those having assets of more than $30,000,000,000) and large securities firms (those having assets of more than $15,000,000,000). Establishes criteria (including a notice requirement) for bank holding company investment in securities affiliates. Establishes capital standards to be used by the Board in determining whether a bank holding company meets the acquisition guidelines. Restricts transactions between banks or insured institutions and securities affiliates, including: (1) extensions of credit directly or indirectly benefiting such affiliates; and (2) interlocking directorates. Requires each securities affiliate to prominently disclose to its customers that: (1) the securities affiliate is not a bank or a federally-insured institution and is separate from any affiliated bank or insured institution; and (2) the securities offered or sold are not deposits and are not insured by the Federal Deposit Insurance Corporation (FDIC) or the Federal Savings and Loan Corporation (FSLIC) and are not guaranteed by an affiliated bank or insured institution. Prohibits a bank, insured institution, or subsidiary from giving investment advice on securities dealt in by a securities affiliate without disclosing that the securities affiliate is underwriting, distributing, or dealing in the securities. Prohibits the disclosure of any nonpublic customer information between a securities affiliate and a bank, insured institution, or subsidiary without the customer's consent. Prohibits a securities affiliate from dealing in asset-related securities originated by an affiliated bank, insured institution, or subsidiary unless such securities are rated by a nationally recognized rating organization and are issued or guaranteed by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, or the Government National Mortgage Association. Requires each appropriate Federal banking agency and the Securities and Exchange Commission (SEC) to establish a program for: (1) enforcing such restrictions; and (2) responding to consumer complaints about violations. Specifies that any securities affiliate of a bank holding company previously approved by the Federal Reserve Board must meet the requirements of this Act, unless the affiliate's activities are specifically authorized by statute for a national bank. Limits securities underwriting, distribution, and dealing by banks affiliated with a securities affiliate. Prohibits a securities affiliate from underwriting, distributing, or dealing in certain types of unsecured corporate debt securities or equity securities unless each of its affiliated banks is in compliance with any applicable risk-based capital standards issued by the appropriate Federal banking agency. Prohibits a securities affiliate from: (1) engaging in the underwriting, distributing, or dealing of securities issued by a registered investment company until 180 days after the enactment of this Act; or (2) engaging in the underwriting, distributing, or dealing of equity securities (other than those issued by a registered investment company) except pursuant to a joint resolution to be considered by the 102d Congress. Requires that a vote on such joint resolution be taken by April 1, 1991. States that acquisition applications which are not acted upon by the Board within 91 days shall be deemed to be granted. Repeals this requirement four years after enactment of this Act. Preempts State laws which are inconsistent with this Act. Amends the Federal Reserve Act to extend the prohibition against the purchasing of any security by a member bank during the existence of any underwriting or selling syndicate if any affiliate of the bank is a principal underwriter of that security from the day such syndicate terminates until 30 days after such termination. Amends the Federal Deposit Insurance Act to impose additional restrictions on securities affiliates of insured banks and on the distribution or underwriting of municipal revenue bonds by insured banks or affiliates thereof. Authorizes a national bank to: (1) underwrite certain types of State and local government bonds; and (2) sponsor unit investment trusts and distribute investment company securities, if such bank has no securities affiliate. Amends the International Banking Act of 1978 to prohibit: (1) U.S. banking activities by large foreign banks that become affiliated with large investment banking organizations with U.S. offices; and (2) U.S. investment banking activities by large foreign investment banking organizations that become affiliated with large bank holding companies or banks. Amends the Bank Holding Company Act to allow the establishment of diversified financial holding companies. Defines a "diversified financial holding company" as a company that directly or indirectly controls a bank and which: (1) engages only in financial activities; (2) devotes 80 percent of more of its consolidated assets to certain activities permissible under the Bank Holding Company Act; (3) has not more than 20 percent of its consolidated assets consisting of insured banks or thrift institutions; (4) has not more than 40 percent of its consolidated assets consisting of all types of banks or thrift institutions (insured, uninsured, domestic, or foreign); and (5) gives written notice to the Federal Reserve Board of its intent to be treated as a diversified financial holding company. Specifies that a diversified financial holding company shall not be considered as a bank holding company, but shall be subject to applicable Federal statutes relating to bank holding companies. Provides exemptions for diversified financial holding companies with respect to: (1) grandfathered rights to continue to engage in nonconforming financial activities; and (2) normal bank holding company examination and capital requirements. Subjects such diversified companies and subsidiary banks to restrictions applicable to bank holding companies with respect to joint marketing of affiliate services and lending to affiliates engaged in nonconforming activities. Permits the Federal Reserve Board to order a diversified company to divest any subsidiary bank not meeting capital standards. Requires the Federal Reserve Board, the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Comptroller of the Currency, and the Commodity Futures Trading Commission (CFTC) to review and coordinate their respective rules applicable to capital adequacy, reporting requirements, and transactions with affiliates on an ongoing basis. Requires such agencies to conduct a study and jointly submit a report to the Congress concerning: (1) the advisability of consolidated regulation of companies controlling banks or securities firms; (2) the appropriate techniques for supervising affiliate transactions within such firms; (3) the efforts to achieve international harmonization of the regulation of such firms; (4) the effect of financial activities outside the United States on securities activities and their regulation within the United States; (5) the advisability of establishing a permanent international framework to harmonize financial market regulation; (6) the nature and techniques used in supervising banking and securities organizations; and (7) the impact of financial services competition from firms that are neither banks nor securities firms. Directs the agencies to develop proposed revisions to harmonize the capital adequacy of banking and securities organizations using the recent international agreement among bank regulators as a model. Requires the agencies to submit an annual report to the Congress regarding their progress towards, and recommendations for, achieving harmony of financial institution regulations. Directs the Federal Reserve Board to conduct a study and submit a report to the Congress concerning the steps necessary to ensure the integrity and reliability of the large-dollar payments system in the United States. Sets forth expedited procedures for the consideration and vote by the 102d Congress on whether or not to permit securities affiliates to underwrite, distribute, and deal in equity securities. Title II: Expedited Procedures - Amends the Bank Holding Company Act of 1956 to establish (under limited circumstances, where a company acquires control of a bank in a reorganization) expedited procedures for forming a bank holding company. Exempts such formations from specified registration requirements under the Securities Act of 1933. Requires any bank holding company seeking to engage in certain nonbanking activities (as determined by the Board) to notify the Board of such intentions. Allows the Board 60 days to: (1) disapprove the proposal; or (2) extend the time period for Board consideration. Provides limited exceptions from such notice requirements. Requires the Board, in determining whether to disapprove an application under this Act, to consider whether the activity described would produce benefits to the public that outweigh possible adverse effects. Allows the Board to reduce the post-approval waiting period for: (1) bank holding company acquisitions; and (2) bank mergers. Provides that a national bank may own the stock of a bankers' bank or a bankers' bank holding company if such bankers' bank or holding company is owned exclusively by either banks or holding companies. Allows a bankers' bank chartered by the Comptroller of the Currency to be organized within a holding company provided that the holding company for the bankers' bank is owned by depository institutions and their holding companies. Permits the Federal Reserve Board to increase the limit for member banks on loans secured by stock or bond collateral to any one person to 15 percent of a bank's unimpaired capital and surplus. Title III: Brokers and Dealers - Amends the Securities Exchange Act of 1934 to revise the definition of "broker" to include a bank which publicly solicits brokerage business or receives compensation for such business in excess of the bank's transaction costs ("incentive compensation"). Provides that a bank shall not be considered to be a "broker" under such Act because it engages in certain exempted activities, including: (1) networking arrangements; (2) trust activities; (3) transactions in municipal and certain other securities; (4) transactions in employee benefit accounts, money market sweep accounts, or affiliate accounts; (5) private placement activities; and (6) less than 1,000 other securities transactions per year, provided the bank does not have a subsidiary or affiliate registered as a broker or dealer. Revises the definition of "dealer" to exclude banks which engage in certain exempted activities, including: (1) transactions in commercial paper, bankers' acceptances, commercial bills, or exempted securities; (2) transactions in municipal securities, provided the bank does not have a securities affiliate; (3) trust or fiduciary activities; and (4) securitization activities. Authorizes the SEC to exempt any person or class of persons from the definition of "broker" or "dealer" upon a finding that such an exemption is consistent with the public interest, the protection of investors, or the purposes of the Securities Exchange Act. Prohibits a bank from acting as a broker or dealer, except on an exclusively intrastate basis. Title IV: Bank Investment Company Activities - Amends the Investment Company Act of 1940 to require a registered investment company which places its assets with a bank that is an affiliated person, promoter, sponsor, organizer, or principal underwriter for such a company to do so only in accordance with regulations the SEC may adopt after written consultation with the appropriate Federal banking agency. Requires a unit investment trust which designates an affiliated bank as a trustee to do so only in accordance with regulations that the SEC may adopt after written consultation with the appropriate Federal banking agency. Prohibits an investment company from knowingly acquiring securities during an underwriting where the proceeds will be used to retire indebtedness owed to an affiliated bank. Prohibits a mutual fund from borrowing from an affiliated bank except pursuant to regulations adopted by the SEC. Revises the definition of "interested person" for purposes of the Investment Company Act to include any person (including a bank) that acts as custodian, or transfer agent, or engages in specific types of transactions with an investment company within the preceding six-month period. Extends the prohibition against officers, directors, and employees of any one bank constituting the majority of the board of directors of a registered investment company to the officers and directors of any one bank and its subsidiaries, or any one bank holding company and its affiliates and subsidiaries. Prohibits a registered investment company or persons who sell securities issued by a registered investment company from representing or implying that the company or security is insured by the FDIC or FSLIC or is guaranteed by, or is otherwise an obligation of, any insured institution. Authorizes the SEC to issue regulations to require such a company or person to disclose that such securities are not so insured or guaranteed. Revises the definition of "broker" and dealer" for purposes of the Investment Company Act and the Investment Advisers Act to conform to the revised definition of such terms in the Securities Exchange Act. Amends the Investment Advisers Act of 1940 to remove the exclusion from the definition of "investment adviser" for banks that advise investment companies. Requires the SEC to notify the appropriate Federal banking agency before initiating any examination, investigation, or enforcement action against any bank holding company, bank, or department or division of a bank registered or required to be registered under the Investment Advisers Act. Authorizes the SEC to share information with Federal, State, foreign, and self-regulatory organizations, officials, or agencies for law enforcement and regulatory purposes. Title V: Strengthened Enforcement Authority - Enforcement Powers Improvement Act of 1989 - Part A: Regulation of Banks - Amends the Federal Deposit Insurance Act to list the types of remedial relief that an appropriate Federal banking agency may require in a cease and desist order. Allows a Federal banking agency to issue a temporary cease and desist order where an insured bank's books and records are so incomplete or inaccurate that the agency is unable to determine the financial condition of the bank or the details or purposes of any transactions. Makes technical amendments with respect to a Federal agency's authority to remove or suspend any "institution-related party." States that the resignation or termination of an individual shall not affect the jurisdiction or authority of a Federal banking agency to take enforcement actions. Expands a Federal banking agency's authority to assess penalties to include violations of conditions imposed in writing by such agency in connection with the granting of any application or other request. Permits any individual who is the subject of a suspension, removal, or prohibition order under such Act, with agency approval, to reenter the industry. States that the authority granted to Federal banking agencies under such Act shall be in addition to, and not restricted by, any other authority provided by law. Increases the civil penalty for permitting certain convicted individuals to work at an insured bank. Subjects the individual, as well as the bank, to such penalty. Deletes the provision requiring that those assessed a civil money penalty under the Change in Bank Control Act of 1978 be afforded the right to a de novo trial in U.S. district court. States that such persons are entitled to an agency hearing and administrative review. Amends the Bank Protection Act of 1968 to eliminate a specified reporting requirement regarding the installation, maintenance, and operation of security devices and procedures. Modifies the civil money penalty assessment powers of Federal agencies with respect to inaccurate call reports and bank holding company reports. Part B: Regulation of Savings and Loan Associations - Amends the National Housing Act and the Home Owners' Loan Act of 1933 to allow the Federal Savings and Loan Insurance Corporation (FSLIC) and the Federal Home Loan Bank Board to: (1) order restitution or reimbursement from their institution-related parties to recover losses resulting from violations of law or other improper conduct; and (2) use a cease and desist order to limit the activities and functions of an institution-related individual or insured institution. States that temporary cease and desist orders may place limits on the activities and functions of institution-related parties, insured institutions, association-related parties, and Federal associations. Provides for the removal or suspension of institution and association-related parties based upon unsafe or unsound conduct causing financial loss or other damage to an insured institution or Federal association. States that a removal or suspension under such Act shall be deemed to be a removal or suspension from all federally insured institutions, bank holding companies, and Federal associations. Amends the National Housing Act and the Home Owners' Loan Act of 1933 to provide that the jurisdiction and authority granted to the FSLIC and the Bank Board under such Acts shall not be affected by the resignation or termination of any institution or association-related party. Makes procedural changes with respect to the civil money penalty authority of the FSLIC and the Bank Board. Amends the National Housing Act to require insured institutions, Federal savings banks, and savings and loan holding companies to make reports of condition to the FSLIC. Establishes civil penalties for failing to submit such reports within the period of time specified by the FSLIC and for making false or misleading reports. Part C: Credit Unions - Amends the Federal Credit Union Act to set forth the types of relief which the National Credit Union Administration Board (NCUAB) can require as part of a cease and desist order. Allows the NCUAB to issue a cease and desist order in cases in which a credit union's books and records are so incomplete or inaccurate that the NCUAB is unable to determine the financial condition of that credit union. Makes technical amendments with respect to the NCUAB's authority to remove or suspend any "institution-related party." Grants such removal authority to other Federal regulatory agencies. States that the resignation or termination of an individual shall not affect the jurisdiction or authority of the NCUAB to take enforcement actions. Expands the NCUAB's authority to assess penalties to include violations of conditions imposed in writing by such agency in connection with the granting of any application or other request. Permits any individual who is the subject of a suspension, removal, or prohibition order under such Act, with agency approval, to reenter the industry. Increases the civil penalty for permitting certain convicted individuals to work at an insured institution without NCUAB permission. Subjects the individual, as well as the institution, to such penalty. Eliminates certain reporting requirements regarding the installation, maintenance, and operation of security devices and procedures. Title VI: Truth in Savings and Investments - Truth in Savings and Investments Act - Requires each advertisement, announcement, or solicitation by a depository institution which refers to a specific interest rate, yield, or rate of earnings on amounts held in any account to state the following information clearly and conspicuously: (1) the annual percentage yield and the period such yield is in effect; (2) all minimum initial deposit, minimum balance, and time requirements for earning such yield; (3) fees or other conditions that could reduce the yield; and (4) any penalty for early withdrawal. Authorizes the Board of Governors of the Federal Reserve System to exempt advertisements, announcements, or solicitations made by any broadcast or electronic medium or outdoor advertising displays not on the premises of a depository institution from the disclosure requirements relating to initial deposit requirements or fees, if such disclosure would be unnecessarily burdensome. Prohibits any depository institution from advertising an account as a free or no-cost account if: (1) there are minimum balance or limited transaction requirements to avoid fees; or (2) there is any service fee or transaction fee imposed for such account. Prohibits any institution from making any advertisement, announcement, or solicitation that is inaccurate or misleading or that misrepresents its deposit contracts. Requires each depository institution to maintain a schedule, written in clear and plain language, of fees, charges, yields, and terms and conditions such as minimum balance and time requirements applicable to each class of accounts offered. Requires that such schedule be disclosed to potential customers and requesting individuals and mailed to account holders. Requires that account holders receive 30 days' advance notice of any change to be made in any term or condition required to be disclosed in the schedule if the change might reduce the yield or adversely affect any account holder. Directs the Board to require modified disclosure requirements concerning the annual yield on variable rate accounts, multiple rate accounts, guaranteed-rate accounts that mature in less than one year, and accounts for which the interest rate is not guaranteed. Requires a depository institution to calculate the amount of interest on an interest-bearing account using the average daily balance method (with certain exceptions) based on the full amount of principal in the account for each day of the stated calculation period at the rates of interest disclosed pursuant to the requirements of this Act. Specifies that such requirement shall not be construed as prohibiting or requiring the use of any particular method of compounding or crediting of interest. Directs the Board to provide for public notice and comment on, and to publish, model forms and clauses for common disclosures required by this Act. Provides for the enforcement of this Act and the civil liability of a depository institution that fails to comply with requirements of this Act. Sets forth limitations on such liability and factors to be considered by the court in determining class action awards. Provides that an institution may not be held liable for a violation if the institution demonstrates that the violation was not intentional and resulted from a bona fide error, or if the institution makes a notification of and an adjustment for errors within a specified time. Establishes U.S. district court jurisdiction and a one-year statute of limitations for actions brought under this Act. Directs the National Credit Union Administration to provide for the similar regulation of credit unions. Amends the Investment Company Act of 1940 to require the SEC to: (1) consult with the Federal Reserve Board in order to review regulations prescribed under specific Acts to determine if such regulations are providing consumers with the ability to compare savings and investment options; and (2) modify its regulations if necessary. Specifies that this Act supersedes any State laws relating to the disclosure of yields payable or terms for accounts or the determination of the balance on which interest is calculated. Title VII: Insurance Activities - Bank Holding Company and National Bank Improvements Act of 1989 - Amends the Bank Holding Company Act of 1956 to prohibit a bank holding company from engaging in any insurance activities in the United States, either directly or through any of its bank or nonbank subsidiaries, unless such activities qualify under specified exemptions. Accords grandfather rights with respect to specified insurance activities conducted by certain bank holding companies through State banks or subsidiaries. Amends the National Bank Act to provide that, with specified exceptions, a national bank or subsidiary thereof may engage in only those insurance activities which are limited to assuring the repayment of the outstanding balance due on a specific extension of credit by the national bank in the event of the death, disability, or involuntary unemployment of the debtor. Provides that a national bank located in an area with a population not exceeding 5,000 may engage in other insurance activities only so long as: (1) the insurance activities are confined to such an area; and (2) the insurance is sold only to residents of the State in which the bank is located or to natural persons employed in that State. Allows certain companies to continue to engage in insurance activities otherwise not permitted under this Act. Title VIII: Miscellaneous - Directs the Federal Reserve Board to conduct a study and submit a report to the Congress concerning the effects that hostile acquisitions in the banking industry could have on the safety, soundness, and stability of banking in the United States and on financial markets. Prohibits a grandfathered nonbank bank owned by a bank holding company on August 10, 1987, from making commercial loans or accepting demand deposits or transaction accounts unless authorized by the Federal Reserve Board as of August 10, 1987. Revises rules concerning joint marketing restrictions between an affiliated company and a grandfathered nonbank bank. Allows an industrial bank owned by a bank holding company to continue to engage in activities it was authorized to engage in on March 5, 1987. Specifies that a certain investment company shall be deemed to have been registered under the Investment Company Act of 1940 as of the date of its incorporation. Amends the Federal Power Act to allow a person to hold the position of officer or director of a public utility and officer or director of a bank, trust company, or banking association without authorization of the Federal Energy Regulatory Commission (FERC) as long as such bank, trust company, or banking association does not underwrite or participate in the marketing of securities (including commercial paper) of the public utility. Amends the Expedited Funds Availability Act to revise provisions concerning reasonable exceptions to the requirements of such Act and to set forth fund availability disclosure requirements with respect to cashier's, certified, and similar checks exceeding $5,000. Amends the Bank Holding Company Act of 1956 to exclude payroll tax filing service organizations from the definition of "bank" for purposes of such Act. Amends the International Banking Act of 1978 to authorize the appropriate Federal banking agencies to deny the application of a foreign bank or other company subject to the Bank Holding Company Act of 1956 to engage in U.S. banking activities if the President determines that the country in which such entity has its principal place of business, is chartered, or is incorporated does not accord to U.S. banks and bank holding companies the same competitive opportunities as it accords to domestic banks and bank holding companies. Amends the Securities Exchange Act of 1934 to provide similar authorization to the SEC to deny the application of brokers or dealers from countries which are determined not to accord to U.S. brokers and dealers the same competitive opportunities as accorded to domestic brokers and dealers. Requires the Federal Reserve Board to conduct a study and submit a report to the Congress concerning the need to continue the separation of full-service banking and commerce in the United States. Increases the criminal and civil penalties for willful violations of provisions of the Bank Holding Company Act of 1956. Requires national banks, savings and loan associations, and credit unions to include in their deposit account statement mailings to consumers information concerning financial consumers associations in States where such associations have been established and where such a requirement applies to State institutions.
United States · United States Congress · 31 January 1989
Postal Service Budgetary Treatment Act of 1989 - Declares that the receipts and disbursements of the Postal Service Fund: (1) shall not be included in the totals of the Federal budget or the congressional budget; (2) shall be exempt from Federal budget limitations on expenditures and net lending; and (3) shall not be counted for purposes of calculating the Federal deficit. Makes the U.S. Postal Service an off-budget Federal entity.
United States · United States Congress · 25 January 1989
Biennial Budget Act - Amends the Congressional Budget Act of 1974 to revise the Federal and congressional budget processes by establishing a two-year budgeting and appropriations cycle and timetable, beginning in the 102d Congress. Defines the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year. Devotes the first session of any Congress to the budget resolution and to appropriations decisions, retaining current deadlines in most cases. Changes relevant deadlines as follows to conform to the biennial scheme: (1) from April 1 to March 31 for the Senate Budget Committee's report on the concurrent resolution on the budget; (2) from June 15 to September 30 for completion of congressional action on reconciliation legislation; and (3) from June 30 to September 30 for completion of congressional action on appropriations bills. Devotes each second session to authorization activity, subject to deadlines of: (1) May 15 for the submission of the Congressional Budget Office (CBO) report to the Budget Committees; and (2) the last day of the session for completion of congressional action on bills and resolutions authorizing new budget authority for the next biennium. Changes from January 15 to February 15 of each year the date by which the CBO Director must submit to the Congress a report on authorizations. Requires the Director of the CBO to issue four-year projections of congressional budget action. (Current projections are on a five-year basis.) Amends provisions relating to the reconciliation process to: (1) increase from 20 hours to 100 hours the time of debate permitted in the Senate with respect to reconciliation measures; and (2) make it out of order in both the House and the Senate to consider any reconciliation legislation changing any provision of law other than one relating to new budget or spending authority, revenues, or the public debt limit. Revises the extent of projections to be included in CBO analyses of reported bills. Amends Federal law to require the President's budget for a biennium to be set forth in the same accounts as those set forth in the table titled "The Federal Program by Agency and Account" in the budget submitted for FY 1991. Requires the President to consult with committees having jurisdiction over programs affected by proposed changes before any changes may be made in the budget tables. (Current law requiring consultation with the Budget and Appropriations Committees remains unchanged.) Conforms provisions governing the President's budget, including maximum deficit amount requirements, to the biennial framework. Changes the due date for the President's report on estimated budget outlays and proposed budget authority, making the report due at the same time as the President's budget. Requires the Joint Economic Committee to submit its evaluation of these estimates by February 25 of each odd-numbered year. (The current annual deadline is March 1). Directs the heads of Federal executive agencies, the Comptroller General, and the Directors of the Congressional Budget Office, the Office of Technology Assessment, and the Congressional Research Service to provide studies, analyses, reports, and other documentation concerning program administration to assist the standing committees of the House and the Senate having jurisdiction over the programs in question. Amends the Rules of the House of Representatives to conform to the biennial framework.
United States · United States Congress · 25 January 1989
Amends the Foreign Agents Registration Act of 1938 to declare that a foreign principal shall be considered to control a person in major part if: (1) such principal holds more than 50 percent of equitable ownership in such person; or (2) such principal, subject to rebuttal evidence, holds at least 20 percent but not more than 50 percent of equitable ownership in such person. Requires agents of foreign principals who have filed registration statements to file supplements to such statements with the Attorney General on January 31 and July 31 of each year. Repeals a provision exempting agents of foreign principals who are qualified to practice law from filing registration statements. Imposes civil penalties upon persons who have: (1) failed to file such registration statements; or (2) omitted a material fact or made false statements on such registration statements.
United States · United States Congress · 25 January 1989
1991 Mount Rushmore Commemorative Coin Act - Requires the Secretary of the Treasury to issue a specified number of five-dollar gold coins, one-dollar silver coins, and half-dollar clad coins in commemoration of the Mount Rushmore National Memorial. Provides that such coins shall be considered legal tender. Requires the Secretary to begin issuing such coins on January 1, 1991. Allows the Secretary to obtain silver for the minting of such coins from stockpiles established under the Strategic and Critical Minerals Stock Piling Act and to obtain gold pursuant to authority under existing law. Provides that the design of such coins shall be selected by the Secretary after consultation with the Mount Rushmore National Memorial Society of Black Hills. Specifies the sales price of such coins as the face value plus costs. Requires that all sales of such coins include a surcharge of $35 per coin for five-dollar coins, $7 per coin for one-dollar coins, and $1 for half-dollar coins. Requires that of the total surcharges received by the Secretary from the sale of such coins: (1) 50 percent shall be returned to the Treasury for purposes of reducing the national debt; and (2) 50 percent shall be paid to the Society to assist efforts to improve the Mount Rushmore National Memorial. Authorizes the Comptroller General to audit such payments. Requires the Secretary to take such actions as may be necessary to ensure that the minting and issuance of such coins shall not result in any net costs to the Government.
United States · United States Congress · 25 January 1989
Amends the Tax Reform Act of 1986 to delay until 1990 the effective date of the new nondiscrimination requirements (Internal Revenue Code section 89) for coverage and benefits under certain statutory employee benefit plans.
United States · United States Congress · 25 January 1989
Spending Control Enhancement Act of 1989 - Adds a title to the Impoundment Control Act of 1974 to authorize the President to rescind all or part of any budget authority provided in an appropriations bill by notifying the Congress of the rescission by a special message within ten calendar days after enactment of the Act in question. Effects any such rescission unless the Congress, within ten days after receiving the special message, completes action on a bill disapproving the proposal. Describes: (1) information to be included in the President's message; and (2) procedures to govern consideration of rescission disapproval legislation in the Senate and the House of Representatives.
United States · United States Congress · 25 January 1989
Chemical and Biological Weapons Control Act - Declares that it should be U.S. policy to: (1) discourage the proliferation of the material and technology necessary to produce or deliver chemical or biological weapons; (2) discourage Communist-bloc countries from aiding and abetting any states from acquiring such material or technology; (3) implement a U.S. control regime for U.S. materials, equipment, and technology that would assist the ability of a foreign country to produce or deliver chemical or biological weapons; (4) discourage private companies in non-Communist countries from aiding and abetting any states in acquiring such material and technology; (5) pursue multilateral efforts to control such weapons; and (6) take unilateral actions, where necessary, to pursue these objectives. Amends the Export Administration Act of 1979 to require the Secretary of Commerce to maintain lists of: (1) goods or technology that would assist a country in acquiring the ability to produce or deliver chemical or biological weapons; and (2) those foreign countries which are pursuing or expanding such ability, as determined by the President. Directs the Secretary to require a validated license for any export of listed goods or technology. Requires the denial of any application for such a license if there is reason to believe that the goods or technology will be used by a listed country in producing or delivering chemical or biological weapons. Requires the Secretary to consult with the Secretary of State (and with the Secretary of Defense in the case of military items) prior to the approval or denial of an application for the export of such goods or technology. Requires the President to submit a report to the Congress every 180 days on the efforts of all foreign countries to acquire the material and technology to produce and deliver chemical and biological weapons, together with an assessment of their present and future capability to produce and deliver such weapons and to what degree any Communist-bloc country has aided or abetted any foreign country in its efforts to acquire such material or technology. Directs the President to apply sanctions to any foreign company which has assisted, or which continues to assist, any listed country in acquiring goods or technology used in producing or delivering chemical or biological weapons. Specifies such sanctions as prohibitions on: (1) the contracting with, or procuring goods or services from, any such foreign company by the U.S. Government; and (2) the importation into the United States of any products produced by such a foreign company. States that such sanctions shall remain in effect for two years after the President certifies that: (1) the foreign company has ceased to aid or abet foreign countries; and (2) it would be in the national interest of the United States to contract with, or procure goods or services from, such foreign company. Allows certain exceptions to such sanctions. Requires a review of the full range of U.S. security, political, and commercial relations with any country named in the presidential report required by this Act.
United States · United States Congress · 25 January 1989
Constitutional Amendment - Prohibits fiscal year Federal outlays (except those for repayment of debt principal) from exceeding receipts (except those derived from borrowing), unless the Congress authorizes a specific excess by a three-fifths vote of both Houses. Permits any bill for raising taxes to become law only if a majority of the whole number of both Houses of Congress approves it by roll call vote. Authorizes a waiver of these provisions when a declaration of war is in effect.
United States · United States Congress · 25 January 1989
Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement in which total Federal outlays do not exceed total receipts, unless the Congress authorizes a specific excess by a three-fifths vote of both Houses. Limits the rate of increase in receipts in the statement to that of the increase in national income in the previous fiscal year, unless law is enacted solely to approve specific additional receipts. Authorizes a waiver of these provisions when a declaration of war is in effect.
United States · United States Congress · 25 January 1989
Constitutional Amendment - Declares that nothing in the Constitution shall be construed to prohibit individual or group prayer in public schools or other public institutions. States that no person shall be required by the United States or any State to participate in prayer. Provides that neither the United States nor any State shall compose prayers to be said in public schools.
United States · United States Congress · 25 January 1989
Constitutional Amendment - Defines "person" to include the unborn for the purpose of the right to life guarantee. Exempts from applicability of this amendment laws permitting medical procedures required to prevent the death of the mother.
United States · United States Congress · 25 January 1989
Declares that the Secretary of Transportation should refrain from adopting regulations to implement Essential Air Service reductions for 1989 and from taking action that would result in a reduction in Essential Air Service subsidies, until the Congress has had the opportunity to appropriate supplemental funding for the Essential Air Service Program for FY 1989.
United States · United States Congress · 19 October 1988
Commends Kenneth A. McLean for his service to his country and the Senate. (Kenneth McLean served as staff director of the Senate Committee on Banking, Housing, and Urban Affairs.)
United States · United States Congress · 7 October 1988
Expresses the sense of the Senate that the President should: (1) instruct the Secretaries of State, Treasury, Defense, and Commerce to consult with allied governments on the impact on Western security of various types of credit flows and debt reschedulings to the Soviet Union, Warsaw Pact countries, Cuba, Vietnam, Libya, and Nicaragua; and (2) call for a multilateral initiative to end untied, general purpose lending to such countries.
![Official portrait of Sen. Garn, E. J. (Jake) [R-UT]](https://www.congress.gov/img/member/g000072_200.jpg)