United States · United States Congress · 11 December 1980
Expresses the sense of the Senate that it supports the President's efforts to: (1) communicate the opposition of the United States to any attempt by the Soviet Union to violate the sovereignty of Poland; (2) encourage other nations to affirm their support for respect of principles of international relations; (3) consider, in cooperation with allies and friends of the United States, measures to be taken if Warsaw Pact forces invade Poland; and (4) inform the Soviet Union of the consequences of such an invasion.
United States · United States Congress · 25 November 1980
Italy Disaster Assistance Act of 1980 - Authorizes the President to provide reconstruction assistance for the victims of the recent earthquakes in Italy. States that such assistance may be provided in accordance with specified congressional policies and authorities. Authorizes appropriations for fiscal year 1981, to remain available until expended, to carry out the purposes of this Act. Allows obligations previously incurred for the provision of reconstruction assistance to the people of Italy to be charged to such appropriations. Directs the President to report quarterly to specified Senate Committees and to the Speaker of the House on the programing and obligations of funds under this Act.
United States · United States Congress · 25 September 1980
Debt Collection Act of 1980 - Amends the Privacy Act of 1974 to permit a Federal agency to disclose records pertaining to an individual to a consumer reporting agency. Provides that a consumer reporting agency to which a record is disclosed shall not be considered a government contractor for purposes of such Act. Authorizes a Federal agency attempting to collect a claim under the Federal Claims Collection Act of 1966 to notify a consumer reporting agency that a person is responsible for a claim if the agency: (1) has sent two written notices informing the person that a consumer reporting agency will be notified and the person has not agreed to pay the claim or filed for a review of the claim; and (2) has obtained assurances that the consumer reporting agency complies with Federal laws governing the provision of consumer credit information. Directs an agency to review a claim at the request of such person prior to notifying the reporting agency. Requires the Director of the Office of Management and Budget to establish regulations requiring each agency with authority to extend loans to report to the Director at least once each year on the activities of the agency to collect such loans. Requires the Director to analyze the reports received by each agency and to report annually to the Congress on the management of agency loan collection activities.
United States · United States Congress · 4 September 1980
State and Local Government Fiscal Note Act of 1980 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office to estimate the costs which would be incurred by State or local governments in complying with any significant bill or resolution (likely to result in annual costs greater than $200,000,000 or have exceptional fiscal consequences) and compare such estimates with any made by congressional committees or Federal agencies. Authorizes appropriations through fiscal year 1984 for such purpose.
United States · United States Congress · 3 September 1980
Congratulates Polish workers on the successful completion of their strikes. Urges the Polish government to respect the agreement. Calls upon other nations to not interfere in Poland's internal affairs.
United States · United States Congress · 26 August 1980
Individual Equity Investors' Incentive Act of 1980 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to ten percent of the aggregate adjusted basis of domestic corporate equity securities acquired by the taxpayer during the credit year. Limits the dollar amount of such credit to $1,000 ($2,000 for married couples filing jointly). Requires a minimum aggregate adjusted basis of such securities at the end of the credit year or no credit shall be allowed. Disallows such credit if the taxpayer possesses 80 percent or more of the combined voting power of all classes of stock of such corporation entitled to vote. Requires recapture of such credits upon reduction of the aggregate adjusted basis of such securities below a specified level.
United States · United States Congress · 5 August 1980
Authorizes the President to negotiate agreements with foreign governments limiting exports of automobiles and trucks to the United States. Terminates such authority and any agreements pursuant to such authority on July 1, 1985. States that action taken pursuant to such agreements shall not be treated as violating U.S. laws.
United States · United States Congress · 4 August 1980
Extends U.S. congratulations to Jamaica on its 18th anniversary of independence. Encourages Jamaica's commitment to peaceful change through elections. Supports Jamaica's efforts to protect its heritage from outside influence.
United States · United States Congress · 29 July 1980
Small Business Securities Acts Amendments of 1980 - Title I: Amendments to the Investment Company Act of 1940 - Amends the Investment Company Act of 1940 to define "eligible portfolio company" as any issuer which: (1) is organized under the laws of and has its principal place of business in any State or States; (2) is neither an investment company (not including certain small business investment companies) nor any other company specifically excluded from the definition of investment company under such Act; and (3) satisfies one of the following: (a) does not have outstanding securities which are eligible for margin purchase under Federal Reserve Board regulations; (b) is controlled by a business development company, including having an affiliated person who is a director of such eligible portfolio company; or (c) meets such other criteria as the Securities and Exchange Commission may establish. Defines "making available significant managerial assistance" to mean: (1) significant guidance and counsel concerning management, operations, or goals; (2) controlling influence over management or policy; or (3) investment. Defines "business development company" to mean any closed-end company which: (1) is organized under the laws of, and has its principal place of business in, any State or States; (2) is operated for the purpose of investing in the securities of certain companies; and (3) makes significant managerial assistance available to such companies. Deems a company's ownership of ten percent or more of an investment company's voting securities to be ownership by one person (rather than by all the shareholders) if at the time of the most recent acquisition the value of all securities owned by such company of all such investment company issuers does not exceed ten percent of its assets. Directs the Commission to prescribe regulations regarding beneficial ownership in situations of involuntary transfer. Exempts from such Act any closed-end company which: (1) elects to be treated as a business development company; or (2) proposes to make a public offering of its securities as a business development company and to subject itself to such Act within 90 days. Provides that a contract in violation of such Act (or a related rule) shall be unenforceable by either party or by certain third parties unless enforcement or denial of rescission (for partial or full performance) would be more equitable and not inconsistent with such Act. Stipulates that such enforceability provision shall not apply to the lawful part of an illegal contract to the extent it may be severed from such contract, or to preclude recovery against a person for unjust enrichment. Authorizes a qualifying investment company to elect to be regulated as a business development company by filing a notification of election with the Commission. Authorizes: (1) the Commission to prescribe the form and manner of such notification; and (2) a company to voluntarily withdraw its election. Prohibits a business development company from acquiring more than 30 percent of its assets in nonqualifying investments. Sets forth the catagories of qualifying investments. Requires that a majority of a business development company's directors be persons who are not interested parties of such company. Exempts a business development company from such requirements for 90 days (or longer if the Commission so allows) because of the death, disqualification, or resignation of any director(s). Prohibits certain controlling and noncontrolling persons related to a business development company (and certain affiliated persons) from knowingly: (1) selling any security or other property to such company (or a controlled company) unless the sale involves solely (a) securities of which the buyer is the issuer or (b) securities of which the seller is the issuer and which are part of a general offering to the holders of a class of securities; (2) purchasing from such company (or a controlled company) any security or other property except securities issued by the seller; (3) borrowing money or other property from such company (or a controlled company) except as permitted under such Act; and (4) effecting any joint transaction with such company (or a controlled company) in contravention of Commission rules. Authorizes: (1) the Commission, upon application, to permit exemptive relief from such prohibitions (excluding joint transactions); (2) such noncontrolling persons to engage in such prohibited transactions if the required majority (as defined in this title) of the directors or general partners so approve. Excludes from such prohibited transactions: (1) ordinary merchandise sales or purchases or a lessor-lessee relationship incident thereto; (2) acquisition of warrants, options, and (voting) securities purchase rights by a director, officer, general partner, or employee of such company pursuant to an executive compensation plan; and (3) borrowing of money under specified terms by such persons to buy securities pursuant to such plan. Requires the directors of, or general partners in, the business development company to establish procedures to monitor the possible involvement of persons (as set forth in this title) subject to such prohibited transactions. States that: (1) until the Commission adopts rules respecting such transactions those existing rules under such Act regarding closed-end investment companies shall apply; and (2) an ordinary fee or salary paid to a director, officer, or employee of a party to a transaction shall not be considered a "financial interest" or "participation" in such transaction. Permits a business development company to maintain a profit-sharing plan for its directors, officers, and employees if: (1) the plan has the approval of a majority of directors; and (2) the aggregate amount of benefits (paid or accrued) does not exceed 20 percent of such company's net income after taxes in any fiscal year. Stipulates that no plan may be established if such company has: (1) outstanding any option, warrant, or right issued as part of an executive compensation plan; or (2) an investment adviser registered under title II of such Act. Places restrictions on the remunerations that may be received by agents or brokers of a business development company in connection with the sale or purchase of property or securities. Stipulates that the Commission may permit a larger fee if so doing would be in the public interest. Includes specified affiliated persons within such restrictions. Prohibits a business development company from changing the nature of its business or withdrawing its election as such a company without the authorization of a majority of its outstanding voting securities or partnership interests. Applies specified provisions of such Act regarding incorporation, functions, capital structure, loans, distribution and repurchase of securities, records, and liability of controlling persons to a business development company, notwithstanding the exemption provided for in this Act. Title II: Amendments to the Investment Advisers Act of 1940 - Amends the Investment Advisers Act of 1940 to define "business development company" as defined in title I of this Act except that: (1) the company does not have to be a closed-end company; (2) forty percent of such company's assets may be in nonqualifying investments; and (3) the securities may be purchased from any person. Excludes certain investment advisers to business development companies that have elected to be regulated under title I of this Act from registration requirements. States that no shareholder, partner, or beneficial owner of such a company shall be considered a client of such an adviser solely by virtue of his/her relationship with such company. Provides with regard to investment advisory contracts that a performance fee contract between an investment adviser and a business development company is permissible provided that such contract compensation does not exceed 20 percent of the realized capital gains of such company over a specified period of time or as of dates specified in the contract. Title III: Capital Formation - Omnibus Small Business Capital Formation Act of 1980 - Requires the Commission, in consultation with the Small Business Administration, to collect and make available to the public information regarding the capital formation needs and the problems involved with new and small, medium-sized, and independent businesses. Directs the Commission to conduct an annual Government-business forum relating to small business capital formation. Authorizes appropriations for such purposes for fiscal years 1982-1985. Amends the Securities Act of 1933 to authorize the Commission to cooperate with State securities regulatory associations to maximize uniformity in Federal and State securities regulation. Directs the Commission to conduct an annual conference, as well as other meetings as necessary, with such groups. Authorizes appropriations for such purposes for fiscal years 1982-1985. Directs the Commission to try to reduce the costs incurred by small firms in raising capital through the issuance of securities. Title IV: Small Business Issuers' Simplification - Small Business Issuers' Simplification Act of 1980 - Amends the Securities Act of 1933 to exempt from registration requirements an offer or sale to an "accredited investor" (as defined in this title) where the aggregate offering price does not exceed the limit under such Act and where there is no advertising or public solicitation. Title V: Small Offering Exemptions - Securities Small Offering Improvements Act - Amends the Securities Act of 1933 to increase the aggregate value of securities which may be exempted from registration from $2,000,000 to $5,000,000. Amends the Trust Indenture Act of 1939 to: (1) increase the maximum aggregate amount of debt securities exempt from such Act; and (2) grant the Commission authority to lower the amount of debt securities under the revised ceiling amount that may be exempt from such Act.
United States · United States Congress · 28 July 1980
Venture and Equity Capital Revitalization Act of 1980 - Amends the Internal Revenue Code to increase the capital gains deduction for individuals from 60 percent of the net capital gain to 75 percent.
United States · United States Congress · 24 July 1980
Declares a named individual to have satisfied specified requirements under the Immigration and Nationality Act relating to required periods of residence and physical presence within the United States. Authorizes such individual to be naturalized.
United States · United States Congress · 2 July 1980
Title I: The Intelligence Community - Authorizes the "intelligence community" of the United States to conduct intelligence activities in accordance with the provisions of this Act. Includes the following entities in the intelligence community: (1) the Office of the Director of National Intelligence; (2) Central Intelligence Analysis Agency; (3) Defense Intelligence Agency; (4) Foreign Intelligence Agency; (5) National Security Agency; (6) National Counterintelligence Office; and (7) intelligence components of the Federal Bureau of Investigation, Drug Enforcement Agency, military services, Departments of Defense, State, Treasury, Energy, and others as determined by the President. Establishes in the Executive Office of the President an Office of the Director of National Intelligence, headed by a Director of National Intelligence appointed by the President. Includes in such Office: (1) a United States Intelligence Board (USIB), consisting of the heads of the entities in the intelligence community, to coordinate U.S. intelligence activities; and (2) a Board of Presidential Estimates, appointed by the Director, to prepare briefings on intelligence for the President and the National Security Council. Sets forth the duties of the Director, including to: (1) inform the President of views and developments within the community; (2) make budgetary recommendations for the community; (3) provide the President and Congress with an annual assessment of the community's effectiveness; (4) promulgate regulations governing the classification of sensitive information; (5) coordinate technical services needed by the community; and (6) perform other duties as the President may prescribe. Requires the Director of Central Intelligence, at the request of the National Security Council, to produce Presidential intelligence estimates. Requires the Director to ensure that diverse points of view within the community are presented. Establishes a nine-member National Foreign Intelligence Advisory Board, appointed by the President, to evaluate continually the effectiveness of the intelligence community. Directs the Board to report its findings from time to time to the President and the congressional intelligence committees. Establishes a five-member Intelligence Oversight Board, appointed by the President, to investigate allegations of illegal, unethical, or improper activities of any entity in the intelligence community. Directs the head of each entity of the community to establish, subject to the approval of the Director of National Intelligence and the Attorney General, guidelines with respect to the following collection methods that may be used against a "U.S. person": (1) intrusive and other covert or clandestine techniques; (2) informants and undercover agents; (3) examination of third-party records, including telephone bills, medical records, and hotel registrations; and (4) public information sources. Prohibits the nonconsensual use of such methods except in accordance with the guidelines. Requires the guidelines to: (1) take into account such person's constitutional rights; (2) specify the official who must authorize the collection activity; and (3) be reasonably designed to match the acquisition of information with U.S. security needs. Prohibits the use of intrusive techniques against any U.S. person to obtain foreign intelligence while such person is in the United States unless the President determines that it is necessary to obtain intelligence essential to the national security and which cannot be obtained by less intrusive methods. Restricts the dissemination of intelligence information with respect to a U.S. person by the United States Counterintelligence Office. Authorizes the head of each entity of the intelligence community to classify information in accordance with the regulations prescribed by the Director of National Intelligence. Subjects any person, who discloses classified information to a person unauthorized to receive it, to the current penalties for the offense of delivering defense information to aid a foreign government. Exempts the intelligence community from any laws requiring disclosure of information with respect to information in files specifically designated by the Director of National Intelligence to be concerned with: (1) technical systems for the collection of intelligence information; (2) special and foreign intelligence activities; (3) investigations for determining the suitability of intelligence sources; and (4) liaison or information arrangements with foreign governments. Amends the Foreign Assistance Act to repeal the Hughes-Ryan amendment of 1974 (conditioning the funding of covert CIA operations on reporting to the "appropriate" congressional committees). Repeals the provision of the International Security Assistance and Arms Export Control Act of 1976 limiting assistance for military activities in Angola. Title II: Central Intelligence Analysis Agency - Establishes a Central Intelligence Analysis Agency headed by a Director appointed by the President for a single ten-year term. Charges the Agency with collecting and publishing intelligence information to warn the President and congressional intelligence committees of impending warlike acts anywhere in the world and to assess the disposition and activities of foreign governments. Title III: Defense Intelligence Agency - Establishes within the Department of Defense a Defense Intelligence Agency to: (1) advise the United States Joint Chiefs of Staff; (2) coordinate the intelligence elements of the Armed Forces; and (3) fulfill the same mission as the Central Intelligence Analysis Agency. Provides for a Director of the Agency, appointed by the President for a single ten-year term. Title IV: The United States Foreign Intelligence Agency - Establishes in the executive branch the United States Foreign Intelligence Agency, headed by a Director appointed by the President for a single ten-year term. Charges the Agency with collecting throughout the world information not available to the public to keep the President and Congress informed of the resources and activities of foreign governments and entities that might affect the foreign relations or safety and welfare of the United States. Directs the Agency to: (1) develop the capabilities to influence events outside the United States so that the role of the Government is not revealed or acknowledged and to undertake special activities as the President may order; and (2) conduct intelligence activities in coordination with the Federal Bureau of Investigation as necessary and appropriate to carry out its duties. Requires the Director to report its activities at least annually to the congressional intelligence committees. Authorizes the Agency to: (1) permit its employees to use covert techniques anywhere in the world which the Director determines are necessary to accomplish the Agency's mission; and (2) engage in intelligence activity outside the United States, other than intelligence gathering, which is approved by the President and with respect to which the intelligence committees are notified as soon as practicable. Establishes within the Agency the Contingency Reserve Fund for activities to accomplish the Agency's mission. Permits particular aliens and their families to be given entry into the United States for permanent residence without regard to their inadmissibility under the immigration laws, upon the determination by the Director, with the approval of the Attorney General, that their admission is in the interest of national security or essential to intelligence activities. Title V: Federal Bureau of Investigation - Directs the FBI to: (1) perform intelligence and counterintelligence activities to safeguard the United States from foreign agents working in the United States against its interests and from terrorists; and (2) collect and disseminate intelligence to counter terrorism and conduct other activities to achieve the purposes of this Act. Requires that all FBI counterintelligence and counterterrorist activities outside the United States be conducted in coordination with the Foreign Intelligence Agency. Requires such operations within the United States by other Federal agencies be coordinated with the FBI. Sets forth the duties of the Director of the FBI, including reporting annually to the congressional intelligence committees on foreign intelligence services and terrorist groups operating in the United States. Authorizes the FBI to take all lawful measures to protect the United States from hostile intelligence services and terrorists. Title VI: National Security Agency - Establishes in the Department of Defense the National Security Agency to conduct signals intelligence, cryptology, and communications security for the United States, and to serve as the principal agency of the United States' Signals Intelligence System. Provides for a director of the Agency appointed by the President for a single ten-year term. Sets forth the duties of the Director, including reporting annually to the congressional intelligence committees on the state of U.S. signals intelligence and communications security. Title VII: United States Counterintelligence Office - Establishes in the Department of Justice a United States Counterintelligence Office to coordinate the counterintelligence activities of the intelligence community. Provides for a Deputy Attorney General of the Office appointed by the President for a single ten-year term. Charges the Office with retaining the central counterintelligence files of the Government. Authorizes the Office to request any entity of the community to initiate an investigation of any U.S. person on the basis of facts and circumstances which reasonably indicate that such person is engaged in: (1) clandestine intelligence activity on behalf of a foreign power; (2) international terrorist activity; (3) international trafficking in drugs or other contraband; and (4) international organized crime activities. Directs the Attorney General, subject to approval of the Director of National Intelligence, to establish guidelines for the dissemination of information to other law enforcement agencies of the Federal, State, local, or foreign governments. Specifies standards for such guidelines. Title VIII: Congressional Oversight - Directs the head of each entity of the intelligence community to: (1) keep the congressional intelligence committees fully and currently informed of all intelligence activities; (2) furnish information to such committees upon request; and (3) report to such committees any illegal and corrective intelligence activities that are taken or planned. Authorizes the President to establish procedures for informing such committees of any special activity not subject to prior notification, together with a statement of reasons for not giving such notice. Directs the House of Representatives and the Senate, in consultation with the Director of National Intelligence, to establish procedures to protect intelligence information from unauthorized disclosure.
United States · United States Congress · 2 July 1980
Amends the Agriculture Act of 1949 to require the Secretary of Agriculture to announce a set-aside of feed grain cropland by November 1 (currently November 15) and of wheat cropland by August 1 (currently August 15) of each calendar year for the crops harvested in the next calendar year.
United States · United States Congress · 2 July 1980
Federal Bureau of Investigation Charter Act - Establishes a comprehensive Federal Bureau of Investigation Charter which sets forth the duties and responsibilities of the FBI with respect to criminal and civil investigations, undercover operations, and law enforcement support functions, but excluding foreign intelligence activities (which were specified in Executive Order 12036). Enumerates as general principles of the FBI that it: (1) conduct investigations consistent with the constitutional and legal rights of U.S. citizens; (2) conduct such investigations and collect such intelligence as is necessary for the security of the United States; (3) not conduct an investigation solely on the basis of the lawful exercise of constitutional or statutory rights, including the expression of a religious or political view or the right to peacefully assemble and petition the Government; and (4) conduct investigations with only such intrusion as is necessary for authorized purposes. Limits the appointment of the Director of the FBI to one ten-year term. Permits the President to remove the Director only for gross neglect of duty or malfeasance in office. Specifies the general powers and duties of the Director, Associate Director, an Assistant to the Director, Assistant Director, Inspector, and Agent of the FBI. Authorizes the FBI to conduct investigations of individuals who: (1) have or are likely to engage in criminal activity; (2) intend to use violence or other unlawful means to overthrow the Federal government or bring about a change in the policy of the Federal, State, or local government; or (3) deny other individuals their constitutional or legal rights. Authorizes the FBI to conduct investigations of two or more persons who are engaged in "racketeering activity" (defined as activity involving a violation of 18 U.S.C. 1961-1968) as a continuing enterprise. Authorizes the FBI to conduct investigations and gather such information and intelligence as may be necessary to prevent terrorist activity. Directs the Attorney General, as soon as feasible after enactment, to promulgate guidelines for such investigative authority that embody specific principles. Establishes guidelines on certain investigative techniques, including the use of informants and undercover agents, physical, mail, and electronic surveillance, and access to third party records. Authorizes informants to participate in acts which violate Federal law (other than those resulting in death or serious bodily injury) when under Department supervision to: (1) obtain information necessary for lawful purposes; (2) establish credibility; or (3) prevent death or serious injury. Requires prior authorization for participation in criminal activities if circumstances permit. Requires an informant otherwise to report on his involvement after the event to the supervising officer. Authorizes the use of surveillance as permitted by this Act and in accordance with applicable law. Authorizes access to third party records, including telephone bills, medical records, and hotel and motel registration forms, in accordance with applicable law. Allows the FBI to use other investigative techniques as necessary to carry out the intent of this Act consistent with applicable law. Permits the FBI to retain and disseminate to other government agencies information as needed to investigate criminal activity or for national security and defense. Allows the FBI to destroy records or deposit them in the Archives of the United States for historic preservation when the Director determines that they no longer serve a useful purpose. Specifies circumstances under which criminal investigative information may be disclosed to private parties. Authorizes the FBI to conduct undercover operations when necessary to investigate criminal, terrorist, or racketeering activity. Allows the Bureau to procure property and services for such purposes without regard to usual procurement regulations. Directs the FBI to conduct investigations at the request of the Attorney General and to collect information as necessary regarding civil disorders that have a potential for violence that may require the presence of Federal troops or U.S. Marshals to enforce Federal law or ensure the safety of peaceful participants. Authorizes the FBI to conduct background investigations of any individual who: (1) is or may be a Federal employee; (2) has been designated an appointee to an official position within the executive, congressional, or judicial branch of the Government; (3) applied for a Presidential reprieve or pardon; (4) is designated by any Government official as requiring access to classified information; (5) is a contractor or employee thereof for a Federal agency; (6) has applied for a substantial Federal grant or loan; or (7) has access to a person or premises within the protective responsibility of the U.S. Secret Service. Enumerates other special service functions of the FBI, including those relating to congressional committees, grand jury investigations, other protective services, and investigative assistance to other Federal, State, or local law enforcement agencies. Authorizes the FBI to: (1) provide training for Federal, State, local, and foreign governments; (2) conduct research and development to promote law enforcement; (3) acquire criminal records as necessary to carry out its functions; (4) exchange such information in accordance with applicable law and regulations prescribed by the Attorney General; (5) provide technical assistance at the request of a Federal, State, local, or foreign government; and (6) provide assistance to the United States Secret Service in connection with its protective responsibilities. Allows the Director to impose such disciplinary action as is authorized by law on any person who intentionally uses sensitive investigative techniques in knowing violation of this Act or discloses sensitive information to an unauthorized person while acting as an employee of the FBI. Stipulates that nothing in this Act, including any guidelines established pursuant to this Act, creates any substantive or procedural rights, and no court has jurisdiction over a claim in any proceeding, based solely on violations of its provisions. Provides that no criminal sanction shall be imposed on any person who, while acting as an employee of the FBI in good faith and without willful intent, complies with this Act. Directs the Attorney General to provide to the congressional judiciary committees information concerning implementation of this Act. Requires the Director to report annually to such committees on: (1) the total number of investigations conducted in the preceding year; and (2) the total number of activities conducted in the preceding year requiring approval of the Director or the Attorney General. Directs the Attorney General to submit to such committees for review any guidelines established pursuant to this Act. Prohibits the FBI from making available investigative records for ten years after: (1) the termination of any investigation not resulting in prosecution; or (2) the termination of probation, a term of imprisonment, or imposition of a fine, where the investigation has resulted in a conviction. Requires each agency carrying out law enforcement functions to furnish the same general standardized written response for issuance to any person making a request for records to be used in cases where: (1) the agency does not have the records requested; and (2) the records are protected because disclosure would reveal that a criminal investigation concerning the person is in progress. Amends the Federal Torts Claims Act to make the remedy against the United States under such Act for the negligent act of an FBI employee acting within the scope of employment exclusive of any other civil action or proceeding by reason of the same subject matter.
United States · United States Congress · 2 July 1980
Commemorates the twentieth anniversary of the Treaty of Mutual Cooperation and Security between the United States and Japan. Declares that it is in the best interest of both such countries to convene a parliamentary and scholarly conference to commemorate and evaluate such treaty. Expresses the interest of the Senate in receiving a report on such conference.
United States · United States Congress · 27 June 1980
Declares seven named individuals to have been lawfully admitted to the United States for permanent residence under the Immigration and Nationality Act.
United States · United States Congress · 26 June 1980
Amends the United States Grain Standards Act to exempt from official weighing requirements: (1) intracompany shipments of grain into an export elevator by any mode of transportation; (2) grain transferred into an export elevator by transportation modes other than barges if waived by mutual agreement between shipper and receiver; and (3) grain transferred out of an export elevator to destinations within the United States if similarly waived by mutual agreement between shipper and receiver. Defines "intracompany shipments" as including shipments of grain lots: (1) between facilities owned or controlled by the person owning the grain; or (2) from a facility owned by a grain-owning cooperative to an export facility which such cooperative jointly owns with other cooperatives.
United States · United States Congress · 25 June 1980
Farm Labor Contractor Registration Act Amendments of 1980 - Amends the Farm Labor Contractor Registration Act of 1963 to revise the definition of "farm labor contractor" to: (1) broaden specified exclusions from such definition (thus broadening certain exemptions from coverage under such Act); and (2) exclude from such definition (and such coverage) any nonprofit or cooperative association of farmers, growers, ranchers, duly incorporated under appropriate State laws, and operated solely for the mutual benefit of the members thereof, and any full-time or regular employee of such association or cooperative who engages in such activity solely for such employer. Adds other definitions relating to such revisions. Revises the definition of "agricultural employment" to specify that listed activities take place on a farm or ranch. Limits the definition of "migrant worker" to only those workers who cannot regularly return to their domicile each day after working hours, or who are transported from and to their domicile each workday by the person who recruits, solicits, hires, or furnishes such worker for agricultural employment on a farm or ranch owned or operated by another person.
United States · United States Congress · 25 June 1980
Tax Reduction - Job Creation Act - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce income tax rates for each category of individual taxpayers. Title II: Incentives for New Plant and Equipment - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Allows a ten percent investment tax credit for buildings and tangible property, and a six percent credit for automobiles, taxis, and light duty trucks. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
United States · United States Congress · 25 June 1980
Urges the Board of Governors of the Federal Reserve System to dismantle consumer credit controls and to discourage the provision of credit for speculative, nonproductive purposes.
United States · United States Congress · 24 June 1980
Deplores the Soviet violations with respect to Afghanistan. Joins calls for the withdrawal of Soviet troops from Afghanistan. Supports the imposition of penalties on the Soviet Union for its aggression. Urges continued action to draw attention to the Soviet violations and to prevent further Soviet incursions.
United States · United States Congress · 19 June 1980
Amends the Internal Revenue Code to exempt a certain portion of royalty owner oil production from the windfall profit tax. Limits the amount so exempted per quarter to ten barrels per day. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil, tier 2, and tier 3 oil, and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.
United States · United States Congress · 18 June 1980
Expresses the sense of Congress regarding the domestic automotive and truck industry. Declares it to be a goal of the United States to achieve technological superiority in the world automobile and truck industry. Advocates changes in economic, fiscal, and import policies in order to create adequate capital and produce a more favorable climate for the domestic automobile and truck industry.
United States · United States Congress · 12 June 1980
Urban Jobs and Enterprise Zone Act of 1980 - Title I: Designation of Private Jobs and Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of private jobs and enterprise zones, for a ten-year period, by local governments, or by State governments on behalf of local governments subject to the approval of the Secretary of Commerce, for purposes of extending the tax incentives provided by title II of this Act to employers and employees within designated zones. Specifies that the Secretary may only approve the designation of such zones if: (1) the area is within the jurisdiction of the designating local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000, or is an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires designating local governments, as a condition of the Secretary's approval, to effect a permanent real property tax reduction in their respective jurisdictions, which is not less than 20 percent of the current effective rate. Requires any such property tax reduction to be disregarded for the purpose of determining the eligibility of a State or local government for Federal assistance or benefits. Expresses the sense of the Congress that in the case of any application for designation of an area in a private jobs and enterprise zone as a foreign trade zone: (1) the Foreign-Trade Zone Board should expedite the application process; (2) the Board, in evaluating such application, should consider not only the current economic conditions within the zone, but also future development to be expected as a result of the incentives provided by this Act; and (3) the Board should provide technical assistance to the applicants. Title II: Tax Incentives - Amends the Internal Revenue Code to reduce social security payroll taxes in designated private jobs and enterprise zones. States that such tax rate reductions shall not affect an individual's eligibility for social security benefits. Appropriates to the Federal Disability and Hospital Insurance Trust Funds general revenue amounts equivalent to the amount by which such taxes are reduced. Reduces the rate of tax on the capital gains of individuals and corporations in such zones. Exempts gain from the sale or exchange of property used in a business in a private jobs and enterprise zone from the computation of the minimum tax. Reduces the rate of tax on the income to corporations whose workforce comprises at least 50 percent of individuals working in a private jobs and enterprise zone (qualifying businesses). Authorizes accelerated depreciation for qualifying businesses (straight line method based on a three year useful life). Limits the basis for depreciation to $500,000. Allows a full investment tax credit for such property despite election of such accelerated depreciation. Permits qualifying businesses to elect to use a cash method of accounting if their gross receipts do not exceed $1,500,000 in any prior taxable year. Allows a ten year carryover of net operating losses for qualifying businesses. Title III: Effective Date - Specifies effective dates for provisions of this Act which apply to income tax, provisions which apply to social security payroll taxes, and provisions which apply to tax procedure and administration.
United States · United States Congress · 10 June 1980
Amends the Internal Revenue Code to impose an additional excise tax on imported automobiles manufactured in a foreign country imports of whose automobiles account for more than ten percent of the new automobiles sold in the United States for the most recent 12-month period for which data are available. Imposes such tax in each case also on parts or accessories sold in connection with such sales. Directs the Secretary of the Treasury to determine for each quarter such tax in an amount equivalent to the nontariff barrier for the same quarter imposed by the foreign country of manufacture on United States automobiles exported to such country. Defines "nontariff barrier" as any practice or procedure of a country which unreasonably burdens, restricts, or discriminates against United States automobiles in such country's automobile market. Includes commodity taxes, inspection or testing procedures, product approval requirements, and road or other excise taxes. Authorizes the President to waive such excise tax for any quarter (up to four consecutive quarters at a stretch) with respect to automobiles manufactured by any person if he determines that such person is making a good faith effort to ameliorate the imbalance in automobile trade between the United States and the country in which such person is located: (1) by limiting exports of his automobiles to the United States; (2) by manufacturing automobiles in the United States; or (3) by complying fully with all treaties and agreements with the United States respecting automobile trade. Specifies circumstances under which such waiver may be extended. Grants the Congress a veto over any such Presidential waiver by way of a disapproval resolution. Describes the procedure for exercising such veto. Requires the appropriation of amounts equivalent to such excise taxes into the Federal Old-Age and Survivors Insurance Trust Fund. Terminates the tax imposed by this Act after December 31, 1985.
United States · United States Congress · 10 June 1980
Expresses the sense of the Senate that the President instruct the Attorney General to prosecute all persons who violate the Logan Act and the executive order prohibiting travel to Iran, thereby giving color of right to illegal actions by the Government of Iran.
United States · United States Congress · 9 June 1980
Amends the Federal Deposit Insurance Act, the National Housing Act, and the Federal Credit Union Act to provide insurance for the full amount of public funds deposited in insured banks, thrift institutions, and credit unions. Repeals the restriction on the Federal Deposit Insurance Corporation's authority to limit the aggregate amount of funds that may be deposited in insured banks.
United States · United States Congress · 6 June 1980
Expresses the sense of the Senate that the President instruct the Attorney General to prosecute all persons who violate the Logan Act, thereby giving color of right to illegal actions by the Government of Iran.
United States · United States Congress · 29 May 1980
National Export Policy Act of 1980 - Title I: General Findings and Purposes - Sets forth congressional findings and the purposes of this Act. Title II: Export Financing - Amends the Export - Import Bank Act of 1945 to direct the Export-Import Bank to adopt export finance programs comparable in structure to those extraordinary measures of official export credits offered by competing countries, until such financing is limited by international agreements. Requires the Bank to report annually to Congress as to whether any additional appropriations or any increases in its commitment authority or ceiling levels are necessary to carry out this Act. States that this Act shall not take effect until six months after enactment, unless the President defers the effective date for an additional six months. Declares it to be the policy of the Congress that the Export-Import Bank of the United States should facilitate, particularly in the presence of foreign officially-supported export credit competition, exports to countries: (1) having insufficient access to international credit facilities; (2) demonstrating reasonable economic progress; and (3) offering adequate formal assurances of repayment (currently, must offer sufficient likelihood of repayment). Increases the aggregate amount of loans and contractual liability of guarantees and insurance which may be outstanding at any one time. Requires such activities to be carried out through the Export Expansion Facility. Provides for the capitalization of such Facility. Establishes staggered, ten-year terms of office for the Bank directors. Declares that the House and Senate Appropriations Committees should consider limitations on Bank activities when considering appropriations for international trade activities rather than when considering foreign assistance activities. Title III: Export - Related Tax Policy - Amends the Internal Revenue Code to increase the earned income exclusion for United States citizens working abroad, who are bona fide residents of a foreign country, from an annual rate of $20,000 to: (1) $50,000; or (2) $65,000, if such persons qualify as bona fide residents for certain specified periods. Allows separate exclusions to married individuals who are both working overseas, although one's excess exclusion cannot be used against income earned by the other. Waives the residency requirements to qualify for such exclusion for those required to leave a foreign country because of civil unrest, war, or similar adverse conditions precluding the normal conduct of business. Reduces from 17 to 11 months the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad. Revises the formula for determining the base housing amount with regard to such deduction to make it 16 percent of the salary of a GS-14, step 1. Repeals similar deductions for cost-of-living differential, schooling expenses, home leave travel expenses, and residence in a hardship area. Provides that the foreign bad debt loss deduction shall not exceed the greater of 15 percent of the taxpayer's taxable income from exports, or two percent of the taxpayer's export receivables outstanding at the close of the taxable year. Provides that the amount of bad debt losses that may be added to a bad debt reserve shall not exceed five percent of the taxpayer's export receivables outstanding as of the close of the taxable year. Permits the amortization, based on a period of 60 months, of: (1) foreign market studies; (2) foreign marketing expenses; and (3) foreign patents. Permits an income tax deduction for currency fluctuation losses on export credit which have not been repaid by the end of the taxable year. Authorizes the Secretary of the Treasury to extend the six-month deadline for exempting exports from the manufacturer's excise tax for an additional 12 months if it is determined, after consultation with the Secretary of State, that exports were delayed because of war, civil unrest, or similar adverse conditions in a foreign nation. Amends the Foreign Trade Zones Act to authorize the Secretary of Commerce to approve the duty-free entry of machinery, materials, and fuels to be used for the production of goods in a foreign trade zone if such goods are not subsequently entered into U.S. customs territory. Sets forth requirements before applications for such treatment will be approved. Makes such approval valid for six years. Requires the Foreign Trade Zones Board to include in its annual report to Congress a summary of activities and proposals to increase the use of foreign trade zones to expand U.S. exports. Makes banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Makes export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment. Title IV: Antitrust - Amends the Webb-Pomerene Act to exempt the export trade, export trade activities, and methods of operation of certified export trade associations and export trading companies from the antitrust laws. Delays the effectiveness of any certificate upon the notification of the Secretary of Commerce by the Attorney General or the Federal Trade Commission (FTC) of disagreement with the decision to issue a certificate. Sets forth the procedure to be followed by any association, company, or export trading company seeking certification under this Act and by the Secretary in issuing such certificates. Provides for appeal of the Secretary's denial of certification. Authorizes the Attorney General or the FTC to bring an action to invalidate a certification. Requires the Secretary, in consultation with the Attorney General and the FTC, to publish guidelines for determining whether an association or export trading company will meet the certification requirements. Requires certified associations and export trading companies to submit annual reports to the Secretary. Directs the Secretary to establish within the Department of Commerce an office to promote export trade associations and trading companies. Provides for automatic certification of existing associations. Requires that all applications for certification be kept confidential with specified exceptions. Authorizes the Secretary to require an association or trading company to modify its operation to be consistent with international obligations of the United States. Directs the President to appoint, with the Senate's advice and consent, a task force seven years after enactment to examine the effect of this Act and to make recommendations. Directs the Attorney General to study whether: (1) U.S. business conduct to expand exports conflicts with basic antitrust principles; and (2) a more liberal enforcement policy for overseas activities would impede implementation of the antitrust laws. Requires the Attorney General to identify such conduct which would not warrant prosecution under the antitrust laws. Sets forth the procedures for describing such permissible conduct and disclosing such descriptions. Authorizes the Secretary of Commerce to intervene in such suits and to provide legal assistance to exporters. Prohibits prosecution under the antitrust laws of exporters who: (1) have notified the Attorney General of their intention to engage in such designated conduct; or (2) receive an approval, or no objection, from the Attorney General concerning proposed transactions. Requires the Attorney General and the Secretary of Commerce to report to Congress concerning implementation of this section. Title V: Amendments to Other Laws That Hinder Exports - Amends the Foreign Corrupt Practices Act of 1977 to change the name of such Act to the Business Practices and Records Act. Amends the Securities Exchange Act of 1934 to require issuers of securities to keep their books and maintain a system of internal accounting controls in accordance with generally accepted accounting principles. Makes issuers liable for knowingly falsifying any books or for the intentionally wrongful maintenance or circumvention of the system of internal accounting controls. Requires only good faith efforts by issuers holding 50 percent or less of the equity capital to use their influence to cause transactions and dispositions of assets to be carried out consistent with such provisions. Repeals the provisions specifying prohibited foreign corrupt practices by issuers. Amends the Business Practices and Records Act to include issuers within the provisions specifying prohibited foreign corrupt practices by domestic concerns. Permits items of value to be given to foreigners in specified circumstances, including courtesy items, demonstration expenses, and payments lawful under the laws of the country of the intended recipient. Directs the Attorney General to issue guidelines specifying permissible conduct and arrangements associated with common types of export sales arrangements and business contracts and precautionary procedures creating a rebuttable presumption of compliance. Provides for the establishment of a Business Practices and Records Act Review Procedure to answer specific inquiries concerning enforcement of such Act. Requires the Attorney General to issue opinions regarding compliance. Makes such opinions final and binding on all parties if the conduct does not involve a violation. Requires annual reports to Congress by: (1) the Attorney General concerning actions taken pursuant to such Act; and (2) the Securities and Exchange Commission concerning the reporting requirements. Expresses the sense of the Congress that the President should negotiate agreements establishing standards of conduct for international business practices, a resolution procedure, and rates of commissions. Directs the President to report to Congress concerning the progress of such negotiations. Requires Congress to review the Business Practices and Records Act after receiving the President's report. Requires an export competitiveness impact statement from any issuing authority taking significant action which could affect adversely U.S. exports or the international competitive position of the United States and its exporters. Expresses the sense of Congress that export paperwork must be reduced to encourage export sales. Requires all agencies to minimize paperwork and reporting requirements. Title VI: Export Awareness and Export Promotion Programs - Export Trading Company Act of 1980 - Directs the Secretary of Commerce to promote export trading companies and facilitate contracts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest up to specified amounts in export trading companies upon notifying, but without obtaining the prior approval of, the appropriate Federal banking agency, if such investment does not cause an export trading company to become a subsidiary of such organization. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations with the prior approval of the appropriate Federal banking agency. Requires prior notification of such agencies in specified circumstances. Sets forth further limitations on export trading companies and investments by banking organizations. Specifies factors to be taken into consideration by the banking agencies. Permits such agencies to impose conditions in approving applications to invest in export trading companies. Requires such agencies to report to the appropriate congressional committees concerning implementation of this Act and any recommendations. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Provides for remand for further consideration by the banking agency. Directs the Economic Development Administration and the Small Business Administration to give special weight to export-related benefits when considering applications for loans and guarantees by export trading companies. Directs the Export-Import Bank of the United States to provide loan guarantees to export trading companies or exporters to be secured by accounts receivable or inventories when adequate financing is not otherwise available and such guarantees will facilitate expansion of exports. Small Business Export Expansion Act of 1980 - Amends the Small Business Act to authorize the Administrator of the Small Business Administration (SBA) to permit participating lending institutions to take actions on behalf of the Administrator with respect to deferred participation loans. Empowers the SBA either directly or in cooperation with lending institutions, to extend credit for export purposes to enable small business concerns to develop foreign markets. Limits the extension of such credit to periods of 18 months or less. Sets a maximum of $750,000 which may be committed to any borrower from the business loan and investment revolving fund. Establishes within the Administration an Office of International Trade to promote sales opportunities for small business goods and services abroad. Requires such Office to: (1) provide small businesses with access to current and complete export information; (2) encourage greater small business participation in trade fairs, shows, missions, and other domestic and overseas export development activities of the Department of Commerce; and (3) assign full-time export development specialists to each Administration regional office. Directs the Administrator, after consultation with specified agencies, to establish an export promotion center in each of two regional offices of the Administration where field offices of the Department of Commerce and the Internal Revenue Service exist. Requires each such center to serve as a one- stop information center on Federal Government export assistance, financing programs available to small business, and other provisions of law governing exporting for small business. Requires: (1) a progress report on the implementation of such centers to the appropriate Congressional committees within six months of enactment of this Act; and (2) an evaluation, within two years after enactment, of the effectiveness of such centers in developing and expanding small business exports. Authorizes the Secretary of Commerce to make grants to qualified applicants to encourage the development and implementation of small business international marketing programs. Sets forth eligibility requirements for applicants. Prohibits the use of any Federal funds to directly underwrite any small business participation in foreign trade missions abroad. Requires each small business international marketing program to: (1) have a full-time staff director to manage program activities; (2) have access to export specialists to counsel and assist small business clients; and (3) establish an advisory board. Directs the Secretary to require, as a condition to any grant, that an additional amount equal to twice the amount of such grant be provided from sources other than the Federal Government. Directs the Secretary to develop a plan to evaluate such programs to: (1) determine the impact of such programs on the small businesses assisted; (2) determine the amount of export sales generated by such businesses; and (3) make recommendations concerning continuation and/or expansion of the program. Requires the establishment of at least one small business international program within each region of the Department of Commerce. Directs the Secretary of Commerce, through the International Trade Administration, to maintain a central clearinghouse for the collection, dissemination, and exchange of information between such programs. Directs the Secretary to enter into cooperative agreements with industrial corporations to develop foreign markets for their products. Requires the Secretary to direct specific market research for the products involved in foreign markets upon entering such agreements. Permits interested industrial corporations to submit a proposal incorporating specific marketing actions to the Secretary. Authorizes the Secretary to enter into a marketing agreement after approving any such proposal. Requires repayment of the Federal share of the costs by the entity entering into such an agreement. International Education Programs Act - Amends the Higher Education Act of 1965 to direct the Secretary of Education to make grants to, and contracts with, institutions of higher education to pay the Federal share of the cost of programs designed to promote linkages between such institutions and the American business community engaged in international economic activities. Requires higher education institutions to apply for such grants and contracts. Limits the amount of Federal assistance. Provides for an advisory board to consider the grants made, or contracts entered into, and to review programs established under this section. Directs each Federal agency and U.S. representative to any international organization to: (1) identify programs affecting the export of U.S. firms' services; (2) make available information concerning such programs; (3) establish programs to publicize export-related programs for services; and (4) modify those programs with an adverse effect on the export of services. Makes the Secretary of Commerce responsible for coordinating such programs. Directs the Department of Treasury to report to Congress concerning the feasibility of extending DISC treatment to the export of services. Title VII: Agricultural Exports - Amends the Commodity Credit Corporation Charter Act to establish the Agricultural Export Credit Revolving Fund to be available for: (1) the export of, or aid in the development of foreign markets for, agricultural commodities; and (2) loans for the acquisition of facilities in foreign countries to improve the countries' capacities to handle agri-commodities exported from the United States. Directs the Secretary of Agriculture to report to Congress annually concerning the export credit sales program. Abolishes such fund effective October 1, 1983. Amends the Export-Import Bank Act of 1945 to require the ratio of credit extended by the Export-Import Bank for agricultural exports in comparison with the total amount extended be at least equivalent to the value of agricultural exports in comparison with total value of exports. Specifies exceptions to this requirement. Requests the President to take action to establish an International Wheat Exporting Commission which would establish an annual minimum world market price for wheat and prescribe export quotas. Requires the President to keep Congress informed about the establishment of such Commission and to report annually once such Commission is established. Title VIII: International Agreements - Expresses the sense of Congress that: (1) the multilateral trade agreement be strongly implemented; and (2) the efforts must continue to secure a freer world trading environment. Directs the Secretary of Agriculture to implement a special export subsidy program for agricultural commodities to neutralize the effects of foreign export subsidy programs. Specifies the circumstances required before such program may be implemented. Expresses the sense of Congress that the President should enter negotiations for international codes of: (1) official export financing; (2) business conduct; (3) reciprocity of antitrust enforcement; and (4) fair trade in services. Requires the President to report to Congress concerning the progress of such negotiations. Title IX: Government Support of Export Goals - Overseas Private Investment Corporation Act of 1980 - Establishes the Overseas Private Investment Corporation (OPIC) as an independent agency. Sets forth the duties of OPIC. Provides for the capital of OPIC to be paid in through the appropriation process and through transfer from OPIC's earned income. Sets forth the structure of OPIC with a Board of Directors, a President of the Corporation, an Executive Vice President of the Corporation, other officers and staff, and consultants. Authorizes OPIC to issue insurance to eligible investors covering new or existing investments protecting against specified risks. Authorizes OPIC to make arrangements with foreign governments or multilateral organizations for sharing liabilities. Limits the insurance that may be issued to a single investor. Authorizes OPIC to issue guarantees of loans and other investments. Sets forth limitations on such guarantees. Authorizes OPIC to make direct loans to privately owned or mixed publicly and privately owned firms for projects sponsored by or significantly involving United States small businesses or cooperatives. Limits the circumstances under which OPIC may acquire stock in any other corporation. Authorizes OPIC to initiate and support the identification, assessment, and promotion of private investment opportunities, with specified exceptions. Authorizes OPIC to administer special projects to provide private technical, professional, or managerial assistance in the development of human resources, skills, technology, capital savings, and intermediate financial institutions and cooperatives. Authorizes OPIC to engage in other insurance, reinsurance, and risk sharing activities with other insurance companies, financial institutions, persons, or groups. Limits the amount of reinsurance of liabilities which OPIC may issue. Limits the amount of maximum contingent liability pursuant to insurance or guarantees issued under this Act which may be outstanding at any one time. Establishes the: (1) Direct Investment Fund as a revolving fund to be available for direct investments; and (2) Insurance Reserve and Guaranty Reserve to be available for discharging liabilities. Authorizes appropriations to the investment and guaranty fund in specified circumstances. Authorizes OPIC to issue obligations in specified circumstances in order to discharge liabilities. Requires that all revenues and income transferred to or earned by OPIC be available to carry out OPIC's purposes. Directs OPIC to determine that suitable arrangements exist for protecting OPIC's interests in connection with any insurance, guaranty, or reinsurance issued under this Act. Pledges the full faith and credit of the United States for the full payment and performance of previous obligations. Sets forth conditions with respect to insurance, guaranty, and reinsurance coverage under this Act concerning fees, time limits, fraud, and settlement of disputes. Sets forth administrative provisions and duties applicable to OPIC. Requires OPIC to undertake to broaden the participation of United States small business, cooperatives, and other small investors in the development of small private enterprise in less developed friendly countries or areas. Directs OPIC to report annually to Congress concerning its operations. Amends the Foreign Assistance Act of 1961 to define "eligible investor" in terms of this Act with respect to housing guarantees. Repeals provisions: (1) prohibiting the transfer of OPIC funds between accounts; (2) authorizing the President to deny assistance to any less developed country which fails to enter into an agreement to institute the investment guaranty program; and (3) establishing OPIC. Stipulates that nothing in this part shall be construed as terminating any of OPIC's statutory authority. Requires the President to submit to the appropriate congressional committees any necessary technical or conforming amendments. Declares that the potential for U.S. exports shall be a primary decisionmaking factor in considering which projects to include in U.S. foreign aid programs. Requires the Director of the International Development Cooperation Agency (IDCA) to transfer the functions of the Office of Reimbursable Development from the Agency for International Development to an independent functional status within the IDCA. Declares that the Office of Management and Budget should assure that adequate budget allocations are made available to carry out the programs prescribed in this Act. Declares that the Department of Justice should do what it can to facilitate procedures for exporters. Declares that the Small Business Administration should: (1) be aware of the benefits of export to small business development; and (2) use every opportunity to provide information and assistance to potential exporters. Declares that the U.S. ability to export coal, nuclear power fuels, and other energy materials in a reliable manner should be a key consideration. Directs congressional committees to include in their reports the effect of the bill or resolution on the international competitiveness of the United States. Creates a National Export Council to: (1) serve as a national advisory body on matters relating to United States export trade; (2) act as a liaison among the communities represented by its membership; and (3) provide advice on Federal plans and actions that affect export promotion and development policies which have an impact on those communities represented by its membership. Requires the Council to make an annual report to the President and the Congress on its activities. Authorizes the Secretary of Commerce to appoint commercial ministers, counselors, and attaches with the rank and privileges of other ministers, counselors, and attaches in U.S. embassies and consulates, to: (1) provide trade and commercial services; (2) engage in the promotion of U.S. exports; (3) file semiannual reports to the Secretary on market, industrial, and commodity conditions in their districts and on the implementation of multilateral and bilateral trade agreements; and (4) maintain current data on the commercial standing and capacity of foreign firms within their districts. Provides for domestic assignment, office logistics, allowances and benefits of such ministers, counselors, and attaches. Directs the Comptroller General to report to Congress with any recommendations concerning: (1) the organization of international trading and financing programs in the United States; (2) the effectiveness of foreign export promotion programs; and (3) the trade activities of specified Federal agencies. Expresses the sense of Congress that the appropriate congressional committees should review periodically the trade organization of the U.S. Government.
United States · United States Congress · 29 May 1980
Amends the Internal Revenue Code to provide that bonds issued by a volunteer fire department to finance the acquisition, construction, reconstruction, or improvement of firefighting property shall be treated as the obligation of a political subdivision of a State (interest on such bond is tax-exempt). Provides that a volunteer fire department qualifies for preferential tax treatment of its bonds if it: (1) is organized and operated to provide firefighting services in an area which does not have any other firefighting services; (2) is required by a local government to furnish firefighting services; (3) receives over half of its funding from local government; and (4) makes no charge for its services.
United States · United States Congress · 28 May 1980
Omnibus Small Business Capital Formation Act of 1980 - Directs the Securities and Exchange Commission, in consultation with the Small Business Administration, to analyze and make public information regarding the capital formation and the problems and costs involved with new, small, medium-sized, and independent businesses. Directs the Commission to conduct an annual Government-business forum to review problems and programs relating to small business capital formation. Authorizes appropriations for the Commission to carry out the provisions of this Act for fiscal years 1981-1985. Amends the Securities Act of 1933 to authorize the Commission to cooperate with State securities regulatory associations to effectuate greater uniformity in Federal-State securities matters. Directs the Commission to conduct an annual conference regarding such purpose. Directs the Commission to identify and reduce the costs of raising capital by small companies with aggregate outstanding securities and other indebtedness of not more than $25,000,000. Limits the liability of an attorney, accountant, or other independent professional for an act or omission in the course of performing services for a small business' public securities offering.
United States · United States Congress · 20 May 1980
Amends the Internal Revenue Code to allow a deduction for cash and other personal property contributions to a savings account created or organized exclusively for the purpose of paying the educational expenses of the taxpayer or the taxpayer's child. Limits the amount of such deduction to $1,000 per year, adjusted for inflation. Limits the duration of eligibility for such deduction to calendar years prior to the account beneficiary's 21st birthday, or prior to the beneficiary's enrollment as a full-time student at an eligible educational institution of higher learning, whichever occurs earlier. Excludes distributions from such an account from the gross income of the payee so long as such distributions are used to defray the beneficiary's tuition, fees, books and supplies, and reasonable living expenses. Specifies sanctions for the use of account funds for other than such educational purposes. Treats qualified distributions as income to the beneficiary for the taxable year in which the beneficiary attains age 25, and for each of the following nine years, in successive apportionments equal to ten percent of the total amount of such distributions. Allows a deduction for cash and other personal property contributions to a savings account created or organized for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing the first dwelling purchased by such individual as a principal residence. Limits the maximum annual deduction to $1,500 ($3,000 in the case of married individuals filing jointly), with a maximum lifetime deduction of $15,000 ($30,000 in the case of married individuals filing jointly). Provides for annual inflation adjustment of such amounts. Excludes distributions from such account from gross income so long as they are used exclusively for the purchase of a first principal dwelling. Provides for recapture of such distribution upon a subsequent sale of such first dwelling if another house is not purchased with the proceeds. Requires reduction of the $100,000 exclusion from gross income of proceeds from the sale of a principal residence by a taxpayer 55 years of age or older if such residence had been purchased with distributions from a tax-exempt housing savings account. Limits the amount of such reduction to the amount of any such distribution excluded from gross income.
United States · United States Congress · 20 May 1980
Amends the Internal Revenue Code to exclude from gross income interest on an industrial development bond refunding issue if: (1) such issue is secured by a pledge of substantial revenues derived from 20 or more facilities operated or leased by the issuer; (2) the issuer is a political subdivision engaged primarily in promoting economic development; (3) the issuer was created under State law at least 20 years prior to the issuance of such refunding bonds for the express purpose of promoting economic development; and (4) any debt service savings derived from the refunding may be used only for the proper corporate purposes of the issuer and shall not be used to reduce any existing obligations of any nonexempt person.
United States · United States Congress · 15 May 1980
Title I: Export Trading Companies - Export Trading Company Act of 1980 - Directs the Secretary of Commerce to promote export trading companies and facilitate contacts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest up to specified amounts in export trading companies upon notifying, but without obtaining the prior approval of, the appropriate Federal banking agency, if such investment does not cause an export trading company to become a subsidiary of such organization. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations with the prior approval of the appropriate Federal banking agency. Requires prior notification of such agencies in specified circumstances. Sets forth further limitations on export trading companies and investments by banking organizations. Specifies factors to be taken into consideration by the banking agencies. Permits such agencies to impose conditions in approving applications to invest in export trading companies. Requires such agencies to report to the appropriate congressional committees concerning implementation of this Act and any recommendations. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Provides for remand for further consideration by the banking agency. Directs the Economic Development Administration and the Small Business Administration to give special weight to export-related benefits when considering applications for loans and guarantees by export trading companies. Directs the Export-Import Bank of the United States to provide loan guarantees to export trading companies or exporters to be secured by accounts receivable or inventories when adequate financing is not otherwise available and such guarantees will facilitate expansion of exports. Title II: Export Trade Associations - Export Trade Association Act of 1980 - Amends the Webb-Pomerene Act to exempt the export trade, export trade activities, and methods of operation of certified export trade associations and export trading companies from the antitrust laws. Delays the effectiveness of any certificate upon the notification of the Secretary of Commerce by the Attorney General or the Federal Trade Commission (FTC) of disagreement with the decision to issue a certificate. Sets forth the procedure to be followed by any association, company, or export trading company seeking certification under this Act and by the Secretary in issuing such certificates. Provides for appeal of the Secretary's denial of certification. Authorizes the Attorney General or the FTC to bring an action to invalidate a certification. Requires the Secretary, in consultation with the Attorney General and the FTC, to publish guidelines for determining whether an association or export trading company will meet the certification requirements. Requires certified associations and export trading companies to submit annual reports to the Secretary. Directs the Secretary to establish within the Department of Commerce an office to promote export trade associations and trading companies. Provides for automatic certification of existing associations. Requires that all applications for certification be kept confidential with specified exceptions. Authorizes the Secretary to require an association or trading company to modify its operation to be consistent with international obligations of the United States. Directs the President to appoint, with the Senate's advice and consent, a task force seven years after enactment to examine the effect of this Act and to make recommendations. Title III: Taxation of Export Trading Companies - Amends the Internal Revenue Code of 1954 to make banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Amends the Internal Revenue Code of 1954 to make export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.
United States · United States Congress · 14 May 1980
Small Business Issuers' Simplification Act of 1980 - Amends the Securities Act of 1933 to allow small issuers to make offerings of their securities to accredited investors without filing a registration statement, provided there is no advertising or public solicitation in connection with the transaction. Permits an accredited investor who acquires securities in such a transaction to resell such securities to other accredited investors without filing a registration statement under the exemption for transactions not involving an underwriter. Defines the term "accredited investor" to include specified institutional investors and any person purchasing at least $100,000 of securities in such an offering by a small issuer. Requires a small issuer to meet two of the three following criteria in order to qualify for the exemption provided by this Act: (1) assets at the end of its fiscal year of less than $15,000,000; (2) gross revenues in each of its last two fiscal years of less than $30,000,000; and (3) no more than 500 shareholders of any class of its securities. Empowers the Securities and Exchange Commission to revise the definitions and criteria established by this Act.
United States · United States Congress · 14 May 1980
Amends the National Housing Act to authorize the Government National Mortgage Association (Ginnie Mae) to forgive outstanding mortgage payments on specified properties where it is shown that such properties were sold at a price higher than the appraised market value.
United States · United States Congress · 8 May 1980
Amends the State and Local Fiscal Assistance Act of 1972 to authorize appropriations to the State and Local Government Fiscal Assistance Trust Fund for the entitlement periods of each of fiscal years 1981 through 1985. Reduces by one-third the funds authorized to be provided for such entitlement periods. Directs the Secretary of the Treasury to establish within the Trust Fund a State government account and a local government account for entitlement periods beginning after September 30, 1980. Declares that the State account shall receive only funds transferred from categorical grant programs. Prohibits the amount credited to the State account for a specific State for any entitlement period from exceeding one-half the amount credited to the local government account for all local governments within such State for that period. Declares that the amount a State government is entitled to receive from the Trust Fund for any entitlement period beginning after September 30, 1980, shall not exceed the amount of the categorical grant funding reduction elected by that State for that entitlement period. Sets forth the procedures for the designation, by the chief executive officer of a State, of the categorical grant programs under such State's allotments which are to be transferred to the State account of the Trust Fund. Requires a majority of the chief executive officers of States involved in a single project under a program to designate the transfer of funds for such program before such transfer may occur. Directs the Secretary to transfer any such designated program funds to the State government account. Declares that such a transfer of funds allotted to a State under a program shall constitute a payment to that State for purposes of provisions of law providing for the reallotment of amounts not paid under the program to a State.
United States · United States Congress · 6 May 1980
Declares that it is the sense of the Congress that the enactment of a withholding tax on interest and dividend payments would be detrimental to the economic well-being of the United States.
United States · United States Congress · 1 May 1980
Amends the Housing and Community Development Act of 1974 to redefine the term mobile home to mean a structure, transportable in one or more sections, which is more than eight body feet in width, is more than 40 body feet in length in the traveling mode, or contains 400 or more square feet in interior space when erected on site. Amends the National Housing Act, the United States Housing Act of 1937, and the Housing and Community Development Act of 1974 to change the classification of mobile home to manufactured housing.
United States · United States Congress · 1 May 1980
Extends the condolences of the Senate to the families of the eight American servicemen who lost their lives during the mission to rescue the hostages in Iran. Declares the sense of the Senate that the President order the American flag to be flown at half-mast on all government grounds from May 4 through May 11, 1980, as a mark of respect for such servicemen.
United States · United States Congress · 29 April 1980
Small Business Export Expansion Act of 1980 - Title I: Small Business Export Financing Assistance - Amends the Small Business Act to empower the Small Business Administration, either directly or in cooperation with lending institutions, to extend credit for export purposes to enable small business concerns to develop foreign markets. Limits the extension of such credit to periods of 18 months or less. Sets a maximum of $750,000 outstanding and committed to any borrower from the business loan and investment revolving fund. Allows the Administrator to authorize participating lending institutions to take certain actions on his or her behalf with respect to deferred participation loans. Establishes within the Administration an Office of International Trade to promote sales opportunities for small business goods and services abroad. Requires such Office to: (1) provide small businesses with access to current and complete export information; (2) encourage greater small business participation in trade fairs, shows, missions, and other domestic and overseas export development activities of the Department of Commerce; and (3) assign full-time export development specialists to each Administration regional office. Directs the Secretary of Commerce, after consultation with specified agencies, to establish an export promotion center in each of two regional offices of the Administration where field offices of the Department of Commerce and the Internal Revenue Service exist. Requires each such center to serve as a one-stop information center on Federal Government export assistance, financing programs available to small business, and other provisions of law governing exporting for small business. Requires: (1) a progress report on the implementation of such centers to the appropriate congressional committees within six months of enactment of this Act; and (2) an evaluation, within two years after enactment, of the effectiveness of such centers in developing and expanding small business exports. Title II: Small Business Export Expansion Assistance - Authorizes the Secretary of Commerce to make grants to qualified applicants to encourage the development and implementation of small business international marketing programs. Limits the grant amount to each applicant to a maximum of $150,000 annually for three years. Sets forth eligibility requirements for applicants. Prohibits the use of any Federal funds to directly underwrite any small business participation in foreign trade missions abroad. Requires each small business international marketing program to: (1) have a full-time staff director to manage program activities; (2) have access to export specialists to counsel and assist small business clients; and (3) establish an advisory board of nine members appointed by the staff director. Sets forth operational procedures for such a board. Directs the Secretary to require, as a condition to any grant, that an additional amount equal to twice the amount of such grant be provided from sources other than the Federal Government. Excludes from such additional amount indirect costs or in-kind contributions paid for under any Federal program. Prohibits any such indirect costs or in-kind contributions from exceeding 50 percent of the non-Federal additional amount. Directs the Secretary to develop a plan to evaluate such programs to: (1) determine the impacts of such programs on the small businesses assisted; (2) determine the amount of export sales generated by such businesses; and (3) make recommendations concerning continuation and/or expansion of the program. Requires the establishment of at least one small business international program within each region of the Department of Commerce. Directs the Secretary of Commerce, through the International Trade Administration, to maintain a central clearinghouse for the collection, dissemination, and exchange of information between such programs. Authorizes appropriations for such programs through fiscal year 1983. Title III: National Export Council - Creates a National Export Council, composed of the Secretaries of State, Treasury, Agriculture, Commerce, Labor, and others, to serve as a national advisory body on matters relating to United States export trade. Requires the Council to: (1) evaluate the export promotion and development activities of the communities represented by its membership; (2) examine specific problems which business, industrial, and agricultural practices may cause for export trade; (3) examine the needs of business, industry, and agriculture to expand their efforts; and (4) recommend specific legislative and administrative solutions to these problems and needs. Directs the Council to: (1) act as a liaison among the communities represented by its membership; and (2) encourage the business, industrial, and agricultural communities to enter new foreign markets and to expand existing export programs. Sets forth administrative provisions for the Council. Requires an annual report to be submitted to the President and to Congress regarding the Council's activities. Requires the Council to make an annual report to the President and the Congress on its activities. Title IV: Commerce Department--Commercial Officers Overseas - Authorizes the Secretary of Commerce to appoint commercial ministers, commercial counselors, and commercial attaches with the rank and privileges of other ministers, counselors, and attaches in the United States embassies and consulates, to: (1) provide trade and commercial services, such as the protection and promotion of United States trade and commercial interests and investments in their districts; (2) engage in promotion of United States exports; (3) file semiannual reports to the Secretary on market, industrial, and commodity conditions in their districts and on the implementation of multilateral and bilateral trade agreements; and (4) maintain current data on the commercial standing and capacity of foreign firms within their districts. Provides for domestic assignment, office logistics, allowances and benefits of such ministers, counselors, and attaches.
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