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 · 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 · 24 July 1980
Permits the State of Maine to utilize the Fort Preble Military Reservation, South Portland, Maine, for any public, rather than solely vocational or school, purpose.
United States · United States Congress · 22 July 1980
Disapproves the President's determination transmitted to Congress on March 26, 1980 (against providing import relief for the leather wearing apparel industry).
United States · United States Congress · 27 June 1980
Commission on Presidential Nominations Resolution - Establishes the Commission on Presidential Nominations to make an investigation regarding the presidential nominating process. Directs the Commission to report to the President and Congress respecting such investigation, including recommendations for the 1984 presidential elections. States that the Commission shall cease to exist 60 days after submitting such report. Sets forth the powers of such Commission, and related administrative provisions.
United States · United States Congress · 26 June 1980
Directs the Senate Finance Committee to report to the Senate by September 3, 1980, a responsible, targeted anti- inflationary tax cut to take effect in 1981. Directs the Democratic Task Force on the Economy to recommend to the Senate a comprehensive economic policy at the earliest possible date.
United States · United States Congress · 25 June 1980
Amends the Bank Holding Company Act of 1956 to prohibit bank holding companies and their subsidiaries from selling insurance as principals, agents or brokers, except: (1) where the insurance secures an extension of credit in the event of death or disability of the debtor; (2) where the insurance is declining balance credit property insurance, sold by a subsidiary finance company, to protect against loss or damage to collateral securing an extension of credit of $10,000 for less (adjusted by the Consumer Price Index with 1980 as the base year); (3) any insurance agency activity in a community of less than 5,000 which has inadequate insurance agency facilities; (4) any insurance agency activity lawfully engaged in by a bank holding company on June 6, 1978, or by a subsidiary finance company acquired between June 6, 1978, and June 6, 1979; (5) certain supervisory activity over agents who sell insurance covering a holding company's property and employees; and (6) any insurance agency activity, except the sale of unauthorized life insurance or annuities, conducted by a bank holding company or its subsidiary which has less than $50,000,000 in total assets.
United States · United States Congress · 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 · 18 June 1980
Expresses the sense of Congress regarding the domestic automotive and truck industry. Declares it to be a goal of the United States to achieve technological superiority in the world automobile and truck industry. Advocates changes in economic, fiscal, and import policies in order to create adequate capital and produce a more favorable climate for the domestic automobile and truck industry.
United States · United States Congress · 13 June 1980
Maine Indian Claims Settlement Act of 1980 - Declares that Congress approves and ratifies any transfer of land or other natural resource located anywhere within the United States from, by, or on behalf of the Passamaquoddy Tribe, the Penobscot Nation, the Houlton Band of Maliseet Indians, or any of their members. States that Congress approves any such transfer within the State of Maine from, by, or on behalf of any individual Indian prior to December 1, 1873. Extinguishes the aboriginal title and any Indian claims to such lands. Establishes within the Treasury the Maine Indian Claims Settlement Fund to be held in trust by the Secretary of the Interior equally for the benefit of the Passamaquoddy Tribe and the Penobscot Nation. Directs the Secretary to accept reasonable terms for investment and administration of such Fund proposed by the Tribe or Nation. Authorizes either Tribe or Nation to obtain judicial review in the United States District Court for the District of Maine of any refusal by the Secretary to comply with such terms. Prohibits the distribution of the principal of the Fund to either Tribe or Nation or to their members. Requires the Secretary to make available, on a quarterly basis, any income derived from such Fund to the Tribe or Nation, and directs that a specified amount be expended annually for the benefit of members who are over the age of sixty. Establishes in the Treasury the Maine Indian Claims Land Acquisition Fund to be held in trust by the Secretary. Provides that a specified amount of the principal be held for the benefit of the Houlton Band of Maliseet Indians to be used to purchase 5,000 acres of Maine woodland, and the balance of such principal to be held in trust equally for Tribe and Nation. Requires the principal and income derived from such Fund be used explicitly for the purpose of land acquisition. Provides that if the Houlton Band ceases to exist, any land acquired for them shall be divided equally and held in trust for the Tribe or Nation. Exempts any Indian lands in Maine from restraint or alienation by virtue of being held in trust. Makes void any transfer of land within the Passamaquoddy or Penobscot Indian territories, or transfers of individual Indian assignment between the Tribe or Nation, without the consent of such Tribe or Nation and approval of the Secretary. Stipulates that such consent and approval extends only to: (1) transfers of timber and other natural resources; (2) land leases not to exceed 50 years; (3) exchanges of lands; and (4) transfers of land from which the proceeds are reinvested in land within two years of receipt. Requires the Secretary to accept reasonable terms from the Tribe or Nation for management and administration of lands acquired and held in trust for such Indians. Authorizes such Indians to obtain judicial review of any refusal by the Secretary to accept such terms. Directs the Secretary to reinvest any money received from the taking of Indian lands by the state of Maine or the United States, in other lands with the approval of the affected Tribe, Nation, or Band. Declares all Indians, other than the Passamaquoddy Tribe and the Penobscot Nation and their members, to be subject to the civil and criminal laws of the State. Subjects the Tribe and Nation to the jurisdiction of the State to the extent provided by the Maine Implementing Act. Declares that Congress approves, ratifies, and confirms such Act, and exempts from such Act the authority to enter into Indian child care and custody proceedings. Makes the Tribe and Nation, including their officers and employees, immune from suit to the extent provided in such Act. Authorizes the Secretary to pay from the Settlement Fund any judgment entered against such Indians, upon their failure to make such payment within 90 days of entry of final judgment. Authorizes any person asserting a money judgment against such Tribe or Nation, to sue in the United States District Court for the District of Maine for any amount due. Declares that Congress consents to any amendment to the Maine Implementing Act made with the agreement of the Tribe or Nation. Authorizes such Indians to exercise jurisdiction, separate and distinct from the civil and criminal jurisdiction of Maine, to the extent authorized by such Act. Grants full faith and credit to the judicial proceedings of the Tribe and Nation, and directs such Tribe and Nation to give full faith and credit to the judicial proceedings of each other, the United States, every State, every territory or possession of the United States and every recognized Indian nation, tribe, or band. States that the laws which accord special status or rights to other Indians shall not apply to the State of Maine. Makes the Tribe, Nation, and Band eligible to receive all financial benefits provided to other Indians under the same eligibility criteria. Deems such Indians federally recognized Indian tribes for purposes of Federal taxation. Authorizes the Tribe or Nation to assume exclusive jurisdiction over Indian child custody proceedings after the approval by the Secretary of a petition to that effect. Provides that such assumption shall not affect any proceeding over which a court has already assumed jurisdiction. Deems such Indians to be bonafide reservations and tribes for purposes of such child custody proceedings. Prohibits: (1) any payments to the Tribe, Nation, or Band to be considered in computing the State of Maine's eligibility for financial aid programs; (2) any payments from Maine to such Indians to be computed in determining such Indians eligibility for financial aid programs; and (3) the availability or distribution of funds under this Act to be considered as income for the basis of denying any federally assisted housing program, or other financial aid to which such Indians would otherwise be entitled. Grants a deferral of capital gains to any private owners who transferred lands to the Secretary for moneys from the Land Acquisition Fund. Directs the transfer of tribal trust funds held by the State of Maine to the Secretary to be held in trust for the Tribe or Nation in the Settlement Fund. Declares that this Act constitutes a general discharge and release of obligations of such State arising from any treaty or agreement with any Indians of the State, including a specified action pending in the U.S. District Court for the District of Maine.
United States · United States Congress · 11 July 1979
Environmental Emergency Response Act - Defines containment as the onsite actions taken in the event of a discharge or release or significant threat of discharge or release of a hazardous substance from a hazardous substance disposal site to prevent or minimize such discharge or release. Defines hazardous substance as: (1) any hazardous substance so designated by the Clean Water Act; (2) any hazardous waste having the characteristics identified under or listed pursuant to the Solid Waste Disposal Act; (3) any toxic pollutant listed under the Clean Water Act; (4) any hazardous air pollutant listed under the Clean Air Act; (5) any imminently hazardous chemical substance or mixture as defined by the Toxic Substances Control Act; (6) any substance or mixture designated as a hazardous substance by the President pursuant to this Act; or (7) any element, substance, compound, or mixture which after release into the environment and upon exposure, ingestion, inhalation or assimilation into any organism, directly or indirectly, will or may reasonably be anticipated to cause death, physical or behavioral malfunction or disease. Directs the President to promulgate and revise regulations designating as hazardous substances, in addition to those defined above, such elements and compounds which, if released in a determined quantity into the environment, may present substantial danger to the public health or environment. Prohibits the discharge of any hazardous substance in violation of the Clean Water Act or the release or disposal of such substances which may affect the natural resources belonging to, appertaining to, or under the exclusive management authority of the United States. Directs any person in charge of any vessel or onshore or offshore facility which is discharging, releasing, or disposing of a hazardous substance to immediately notify the appropriate agency of the United States Government of such discharge, release, or disposal. Establishes criminal penalties for failing to provide such notice. Requires any person subject to liability for a noncomplying waste disposal site to notify the Administrator of the Environmental Protection Agency (EPA) within a specified period of: (1) the existence of such site; (2) the amount and type of hazardous substances to be found at such site; and (3) the likelihood of discharge or release of such substances from such site. Establishes criminal penalties for failing to provide such notice. Precludes such persons from any limitation or defense of liability to which they would otherwise be entitled. Prohibits such persons from knowingly rendering unavailable or unreadable any record relating to the to the site or any hazardous substances contained or deposited therein. Authorizes the Administrator to establish and enforce such control or removal requirements as are deemed appropriate to protect the public health and environment from any hazardous substance disposal site not in compliance. Authorizes the President to take any emergency response measure including removal or containment, necessary to protect the public health or the environment whenever a hazardous substance is discharged or released into the environment, unless it is determined that the owner or operator of the source of the release will properly remove such substance. Directs the President, within a specified period, to revise and republish the National Contingency Plan for the removal of oil and hazardous substances to reflect and effectuate the responsibilities and powers created by this Act. Specifies that such revision include a National Hazardous Substance Disposal Site Response Plan, such plan to include: (1) methods for discovering and investigating such sites; (2) methods for evaluating and containing any actual or threatened discharges or releases from such sites which pose a substantial danger to the public health or the environment; (3) methods and criteria for determining the appropriate extent of emergency response, containment, and other measures authorized by this Act; (4) appropriate roles and responsbilities for various governmental and nongovernmental entities in effectuating the Plan; (5) provision for response equipment and supplies; and (6) provision for reporting the existence of and any releases of hazardous substances from sites which may be located on federally-owned or controlled properties. Authorizes the Administrator to require any person involved in activities which may present a danger to public health or the environment related to the handling, storage, treatment, transportation, or disposal of any hazardous substance to take any necessary actions to ascertain the nature and extent of such danger, or to bring suit in the appropriate United States district court to require any such person to take such actions. Makes the owner or operator of a vessel or an onshore or offshore facility from which a hazardous substance is discharged jointly and severally liable for specified damages resulting from such discharge, with specified exceptions. Authorizes the President or the authorized representative of a State to act on behalf of the public as trustee of any natural resources damaged or lost as a result of such discharge and to recover for such damages. Stipulates that each department, agency, or instrumentality of the executive, legislative, and judicial branches of the Federal Government shall be subject to and comply with this Act. Imposes liability upon any generator or transporter of any hazardous substance for such discharge by the facility which was the source of the discharge if such generator or transporter could have reasonably anticipated such discharge. Imposes punitive damages upon the owner or operator of a hazardous substance disposal site for failure to properly provide emergency response or containment upon request of the President. Establishes in the United States Treasury a Hazardous Substance Response Fund to be constituted from specified fees, and all moneys recovered on behalf of the Fund or recovered or collected under the Clean Water Act. Requires manufacturers, importers, and generators of hazardous substances to pay fees on each unit of hazardous substance produced, manufactured, or imported into the United States and each unit of hazardous waste generated. Authorizes the Secretary of the Treasury to promulgate rules and regulations relating to the collection of such fees, and sets forth civil and criminal penalties for violation of such regulations. Authorizes the Secretary to invest any excess of the Fund in interest-bearing special obligations of the United States. Directs the President to issue notes or other obligations to the Secretary in the event the moneys available in the fund are inadequate to meet the obligations of the fund. Directs the Administrator of EPA, the Commandant of the Coast Guard, and the Comptroller General to conduct a study of possible incentives to safer operation of vessels and facilities to reduce the potential of discharges or releases of hazardous substances, and of measures to prevent or avoid the occurrence of such discharges. Sets forth the purposes for which Fund moneys may be used. Authorizes the President to delegate his duties under this Act to the heads of appropriate Federal agencies, departments, and instrumentalities. Directs the President to establish a national priority system for responding to releases of hazardous substances and a system whereby States affected by such discharges may act to provide emergency response and be reimbursed for reasonable costs incurred thereof. Directs the President to notify an owner, operator, or guarantor of a vessel or an offshore or onshore facility of any allegation as to costs incurred for removal or damages resulting from the discharge of a hazardous substance for which such person would be liable under this Act. Sets forth procedures for the disposition of claims resulting from such discharges. Establishes a six year statute of limitation for claims presented or actions commenced under this Act. Subrogates to the United States Government all rights of a claimant to recover the costs of removal or damages from the person responsible for a hazardous substance discharge prior to payment of any claim by the Fund. Subrogates any person, including the Fund, who pays compensation pursuant to this Act to any claimant for damages or removal costs, to all rights, claims, and causes of action for such damages and removal costs of such claimant. Directs the Attorney General, upon request of the President, to commence on action on behalf of the Fund to recover any compensation paid by the Fund to any claimant pursuant to this Act. Directs the President, acting through the Administrators of the EPA and the National Oceanic and Atmospheric Administration and the Director of the Fish and Wildlife Service, to issue regulations for the assessment of damages for injury to or loss of natural resources resulting from a discharge of hazardous substances. Directs the Comptroller General to provide for auditing of all payments and other uses of the Fund. Requires owners and operators of vessels carrying hazardous substances and of onshore and offshore facilities to establish and maintain evidence of financial responsibility in an amount consistent with the risks associated with the transportation, treatment, storage, or disposal of hazardous substances. Imposes civil penalties on such persons for failure to comply with such requirements. Authorizes judicial review of any regulation issued under this Act only in the United States Circuit Court of Appeals for the District of Columbia. Grants jurisdiction to the United States district courts over all controversies arising under this Act. Makes conforming amendments to the Clean Water Act. Transfers to the Fund one-half of any sums appropriated under the oil and hazardous substances liability provisions of such Act and all of the sums appropriated under the emergency powers provisions of this Act. Terminates the authority to establish and collect fees under this Act on October 1, 1986.
![Official portrait of Sen. Mitchell, George J. [D-ME]](https://www.congress.gov/img/member/m000811_200.jpg)