United States · United States Congress · 11 November 1975
Condemns the resolution adopted by the General Assembly of the United Nations which equates Zionism with racism. Opposes participation by the United States Government in the Decade for Action to Combat Racism and Racial Discrimination. Calls for reconsideration of the Zionism resolution. Directs the Committee on International Relations and the Committee on Foreign Relations to begin hearings immediately to reassess the United States' further participation in the United Nations General Assembly.
United States · United States Congress · 10 November 1975
Directs the Secretary of the Army to modify a specified flood control project so as to preserve and protect the Espada Acequia aqueduct in the vicinity of Six Mile Creek, San Antonio, Texas, at an estimated Federal cost of $1,761,000.
United States · United States Congress · 4 November 1975
Changes the title of the Associate Administrator for Finance and Investment of the Small Business Administration to the Associate Administrator for Investment and provides that he shall devote his full time exclusively as head of the Small Business Investment Division. Increases the authority of the Associate Administrator with respect to rendering financial assistance to small business investment companies. Places limits on the amount of financing which shall be available to small businesses, such limitations to be based on the private paid-in capital and paid-in surplus of such business.
United States · United States Congress · 4 November 1975
Allows a tax deduction, under the Internal Revenue Code, of an amount equal to 25 percent of the gross income from a geothermal steam and geothermal resources property. States that such deduction may not exceed 50 percent of the taxpayer's taxable income from the property.
United States · United States Congress · 30 October 1975
Dairy and Meat Import Inspection and Identification Act - Establishes labeling and sanitation requirements for imported meat and dairy products. Title I: Dairy Products - Defines terms as used in this title. Directs that no dairy products shall be imported into the United States unless the Secretary of Agriculture first certifies that such products are wholesome and pure. Requires the Secretary to establish standards comparable to standards imposed upon domestic dairy products. Provides that such imports must comply with United States packaging and labeling requirements. Requires that the package or container of any food product made in whole or in part of imported dairy products shall be labeled "imported" or "imported in part". Establishes criminal penalties for violation of the requirements of this Act. Title II: Meat and Meat Products - Imposes the same labeling requirements on meat products as those imposed by title I of this Act. Requires that such products meet the same health standards as imposed upon domestically produced meats. Requires that inspectors employed by the Department of Agriculture supervise the testing of imported meats. Directs that periodic tests of imported meats shall be conducted in the United States by the Department of Agriculture.
United States · United States Congress · 22 October 1975
Requires under title XVIII (Medicare) of the Social Security Act that the prevailing physicians' fees recognized by Medicare for fiscal year 1976 are not less those for fiscal year 1975.
United States · United States Congress · 7 October 1975
Constitutional Amendment - Provides that the right of students to attend the public school nearest their place of residency shall not be denied or abridged for reasons of race, color, national origin, religion, or sex.
United States · United States Congress · 6 October 1975
Revises the formula for determination of the amount of tax to be imposed on charitable foundations upon their failure to distribute income by changing the method of calculation of the minimum investment return for any private foundation for any taxable year.
United States · United States Congress · 1 October 1975
Provides for additional income for the maintenance and support of the United States Soldiers' and Airmen's Home by appropriating nonjudicial forfeitures of pay for the support of such home. Authorizes the Board of Commissioners of such home to collect a fee from the members of the homes. Increases from $.25 to $1.00 a month the amount that may be deducted from the pay of enlisted men and warrant officers for the support of such home.
United States · United States Congress · 17 September 1975
Allows a tax deduction under the Internal Revenue Code of up to $1000 for amounts paid by a taxpayer for tuition to provide an education for himself or for another individual.
United States · United States Congress · 17 September 1975
Expresses the sense of the Senate that the President should, upon his visit to the People's Republic of China, request that the Chinese officials use their offices to obtain an accounting of members of the United States Armed Forces missing in action and confined as prisoners of war in Southeast Asia.
United States · United States Congress · 10 September 1975
Suspends various provisions of the Real Estate Settlement Procedures Act relating to development of a standard form for the statement of settlement costs in all transactions involving federally related mortgage loans; requiring advance disclosure of settlement costs to prospective borrowers; and requiring the disclosure of the previous selling price of existing real property.
United States · United States Congress · 9 September 1975
Establishes a civil penalty of up to $1,000 per day for each day during which specified violations of the Federal Reserve Act occur. Prohibits member banks of the Federal Reserve System from making loans or extensions of credit to any of their officers, directors, or to specified other persons who have an interest in such bank where such loan or extension of credit exceeds the statutory limits on loans to one borrower. Extends such prohibition, under the Federal Deposit Insurance Act, to non-member insured banks. Authorizes the Board of Governors of the Federal Reserve Board, under the Bank Holdings Company Act, to order a bank holding company to terminate activity or ownership or control of any subsidiary when the Board has reason to believe that the continuation of such activity, ownership, or control constitutes a serious risk to the financial safety of the subsidiary. Revises the Federal Deposit Insurance Act to make directors, officers, employees, and agents as well as insured banks subject to cease-and-desist proceedings, and to temporary cease-and-desist orders. Establishes a civil penalty of up to $10,000 for any bank insured under the Federal Deposit Insurance Act or for any officer, director, employee, or agent of such bank who violates the terms of any cease-and-desist proceeding or cease-and-desist order issued pursuant to this Act.
United States · United States Congress · 8 September 1975
Directs the Secretary of the Army to issue permanent easements for docks constructed on property under his jurisdiction to persons permitted to build such docks prior to the date of enactment of this Act. Authorizes the Secretary to issue rules requiring the upkeep on such docks. Expresses the sense of the Congress that the Corps of Engineers allow the public to construct boat docks at convenient locations.
United States · United States Congress · 31 July 1975
States that whenever any officer in the executive branch of the Federal Government proposes to prescribe any rule or regulation, or change any existing rule or regulation, such rule or regulation must be submitted to each House of Congress together with a report containing a full explantion thereof. Provides that no such rule shall become effective if the Congress disapproves it within a sixty-day period. Specifies that the provisions of this Act shall not apply to regulations dealing with national security, foreign affairs, agency management, or personnel matters.
United States · United States Congress · 31 July 1975
National Commission on School Busing Act - Establishes a fifteen-member commission to be known as the National Commission on School Busing. Provides that the members be appointed by the President from representatives of concerned parents and from the field of education and law. Directs the Commission to make an investigation with respect to school busing compelled by order of the court or by a plan approved by the Department of Health, Education, and Welfare. Requires the Commission to submit a final report to the President and Congress not later than March 1, 1976. Calls upon the Commission to consider the feasibility of a constitutional amendment to prohibit compulsory school busing, a modification of court orders and plans formulated by the Department of Health, Education, and Welfare and alternatives to achieving quality education. Authorizes the Commission to hold hearings and issue subpenas as necessary to carry out this resolution. Provides for the appointment of and compensation for the members and their staff. Authorizes the appropriation of such sums, but not to exceed $1,000,000, as may be necessary to carry out the provisions of this joint resolution.
United States · United States Congress · 31 July 1975
Expresses the sense of Congress that compulsory school busing be discontinued until such time as an adequate study of the effects of such busing and alternatives to it is completed.
United States · United States Congress · 24 July 1975
Authorizes supplemental expenditures through February 1976 by the Select Committee To Study Governmental Operations With Respect to Intelligence Agencies for an inquiry and investigation relating to the intelligence activities carried out by or on behalf of the Federal Government.
United States · United States Congress · 22 July 1975
Combined Old-Age, Survivors, and Disability Insurance - Income Tax Reporting Amendments - Directs the Secretary of the Treasury to make available specified tax returns to the Secretary of Health, Education, and Welfare. Empowers the Secretary of HEW and the Secretary of the Treasury to enter into an agreement for the processing of information contained in such returns. Requires the Secretary of the Treasury to provide to the Secretary of HEW any documents they agree are necessary for such processing. Directs the Managing Trustee of the Trust funds established pursuant to the Social Security Act, including the Federal Hospital Insurance Trust Fund and the Federal Supplementary Medical Insurance Trust Fund, to pay into the Treasury the amounts he and the Secretary of HEW estimate will be expended from the general fund of the Treasury by the Departments of HEW and Treasury for the administration of (1) titles II and XVIII of the Social Security Act, and (2) specified chapters and subchapters of the Internal Revenue Code. Requires the Secretary of HEW to apportion (between each trust fund and the general fund in the Treasury) the costs of administrating titles II, XVI and XVIII of the Social Security Act and its costs in carrying out specified functions of this Act. Revises the formula by which the adjustment to the contribution and benefit base is to be computed following an increase in social security benefits.
United States · United States Congress · 17 July 1975
Expresses the disapproval of the United States Senate of attempts to expel Israel for the United Nations. States that if Israel is expelled the Senate will review United States commitments to the Third World nations involved in the expulsion and will consider the implication of continued membership in the United Nations.
United States · United States Congress · 15 July 1975
Provides that title IX of the Education Amendments of 1972, relating to discrimination, shall not apply to an intercollegiate athletic activity insofar as such activity provides to the institution gross receipts or donations required by such institution to support that activity.
United States · United States Congress · 15 July 1975
Broadcast License Renewal Act - Requires the Federal Communications Commission to establish procedures to be followed by licensees of broadcasting stations for ascertaining the problems, needs, and interests of the residents of their respective service areas for purposes of their broadcasting operations. States that a license granted for the operation of any class of station shall be for not more than five years. Permits such licenses to be renewed if the Commission finds that the public interest, convenience, and necessity would be served thereby. States that in making such a determination, the Commission shall consider whether the licensee followed applicable procedures for the ascertainment of the problems, needs, and interests of the residents of its service area for purposes of its broadcast operations. Authorizes the Commission to prescribe the period or periods for which licenses should be granted and renewed for particular classes of stations. States that appeals from any order or decision of the Commission should be brought in the U.S. court of appeals for the circuit in which such broadcast facility is located. Directs the Commission to review its rules and regulations to determine which ones no longer serve the public interest. Requires the Commission to report to specified committees of the Congress and to include any recommendations for legislation resulting from its review.
United States · United States Congress · 15 July 1975
National Commission on Small Business in America Act - Establishes the National Commission on Small Business in America. Makes it the function of the Commission to study the effects of Federal programs and policies on small businesses, and make periodic recommendations and reports. Authorizes to be appropriated such sums as may be necessary to carry out the provisions of this Act.
United States · United States Congress · 23 June 1975
National Food Stamp Reform Act - Defines the term "income" as used in the Food Stamp Act as the monthly gross income of all members of a household, including any in-kind payment, and the total value of any publicly funded assistance payments which supplement food and housing needs. Excludes specified individuals from the definition of "household. Provides for the distribution of federally donated foods to households upon the request by a political subdivision that such distribution be made to all eligible households in lieu of food stamps. Excludes households from eligibility for food stamps: (1) if the monthly household income exceeds the poverty index level of income established by the Office of Management and Budget; or (2) if the market value of liquid and nonliquid resources of a household consisting of one individual exceeds $1,500 or the resources of a multiple-member household exceed $2,250 exclusive of specified resources. Excludes from eligibility households which include an able-bodied adult between the ages of 18 and 65 who is enrolled in an institution of postsecondary education and such enrollment is a substitute for fulltime employment. Declares that a refusal to work at a plant or site because of a strike or other labor dispute shall be deemed a refusal to work which makes the household of the nonworking individual ineligible for food stamps. Rejects as an excuse for refusal to accept work a condition of employment which requires an individual to join, resign from, or refrain from joining any labor organization. Directs the Secretary of Agriculture to require each household receiving benefits under this Act to report its income at least once each month. Requires food coupons to be designed with a space for the recipient to sign upon receipt and again at redemption. Requires one member of each eligible household to be issued a photo-identification card with color photograph. States that such card must be presented at redemption at a food store. Sets forth specific instructions to provide control and accountability over the distribution of food coupons to State agencies. Ties the value of the coupon allotment to the overall retail cost-of-living index. States that the "nutritionally adequate diet" as used to determine the amount of the coupon allotment shall mean the low-cost food plan developed by the Agricultural Research Service of the Department of Agriculture. Establishes as the charge a household shall pay for its coupon allotment the lesser of: (1) the percentage of its income which would be expended for food by an average household of its size and income range in the same region of the country; or (2) 30 percent. Provides, under the requirements for State plans for the administration of the food stamp program, for closer State supervision of eligibility by households. Requires the State agencies administering the program to conduct nutrition education programs for recipients. States that the United States Postal Service shall serve as a food stamp issuing agency upon the request of a State food stamp administration agency. Directs the Secretary of Agriculture to pay the States 100 percent of the costs of providing food stamps to eligible aliens, and 75 percent of the costs of State investigations, prosecutions, collections of claims and other State activities related to retrieving food stamp losses. Provides for payment by the Federal Government to the States of a share of the difference between the face value of the coupon allotment and the amount charged eligible households for the allotment. Sets forth the method of determining and paying the Federal share. Directs the transfer of all functions of the Secretary of Agriculture under the Food Stamp Act to the Secretary of Health, Education, and Welfare.
United States · United States Congress · 20 June 1975
Market Act - States that it is the purpose of this Act to foster and promote, through appropriate means and on an economically sustainable basis, the development and expansion of both traditional and innovative approaches to direct marketing of agricultural commodities from farmers to consumers. States that for purposes of this Act, the term "farmers market", is any marketplace (including, but not limited to, roadside stand, city markets, and vehicles used for house-to-house marketing of agricultural commodities) established and maintained for the purpose of enabling farmers to sell their agricultural commodities directly to individual consumers or organizations representing consumers. Directs the Extension Service of the Department of Agriculture to conduct and facilitate activities designed to foster farmers' markets, including: (1) the designation of a specialist in each State responsible for a direct marketing program; (2) the sponsorship of conferences designed to facilitate the sharing of information on direct marketing programs; and (3) the providing of technical assistance to groups establishing direct marketing programs. Directs the Secretary of Agriculture to foster the development of innovative farmer-to-consumer marketing arrangements by engaging in specified activities, including the establishment of at least five different projects involving innovative methods of direct marketing from farmers to consumers. Authorizes to be appropriated specified sums for carrying out the purposes of this Act.
United States · United States Congress · 19 June 1975
Natural Gas Agricultural Priority Act - Directs the Federal Power Commission to take such steps as are necessary, under the Natural Gas Act, to assure the uninterrupted availability in interstate commerce of sufficient quantities of natural gas for use in agricultural irrigation pumping.
United States · United States Congress · 10 June 1975
Extends from June 30, 1975 to September 30, 1975 the expiration date of the Defense Production Act of 1950. Extends the funding of the National Commission on Productivity and Work Quality to September 30, 1975.
United States · United States Congress · 8 June 1975
Allows a 10 percent investment tax credit under the Internal Revenue Code to drillers of new domestic exploratory wells, or reworked wells resulting in additional production, intangible drilling costs, lease acquisition costs, secondary and tertiary recovery costs, and well work-over costs. Allows a 5 percent supplementary credit of the intangible drilling costs if such exploratory well strikes oil or natural gas in commercial quantities, to be taken against the first tax payable on net income production.
United States · United States Congress · 5 June 1975
Defines the term "navigable waters", for purposes of the Federal Water Pollution Control Act, as it applies to Corps of Engineers authority and responsibility to regulate the discharge of dredged or fill material.
United States · United States Congress · 3 June 1975
Restricts the authority of the Army Corps of Engineers to supervise waterways activities to navigable waters which are presently used, or are susceptible to use in their natural condition or by reasonable improvement, as a means to transport interstate or foreign commerce. Abolishes Corps authority over the discharge of fill material into such waterways. Permits the Secretary of the Army and the Chief of Engineers to waive jointly any requirements they may have for review and approval of any activities on waters of the United States if the Chief of Engineers determines that such activities will not have a substantial adverse impact on the affected waters for their use to transport interstate or foreign commerce and can be effectively regulated by the State concerned.
United States · United States Congress · 22 May 1975
Exempts the Sabine River Authority of Lousisiana and the Sabine River Authority of Texas from the payment of any annual charges imposed for the purpose of recompensing the United States for the use, occupancy, and enjoyment of its lands within the Sabine National Forest, Texas. Specifies that the use of such lands is necessary to the Authority for the construction and operation of the Toledo Bend Dam and Reservoir.
United States · United States Congress · 22 May 1975
Authorizes the Senate Select Committee to Study Governmental Operations With Respect to Intelligence Activities to obtain data contained in tax returns pursuant to its investigation of possible illegal activities by Government agencies engaged in intelligence or surveillance activities. States that names, addresses, and personal identifications shall be presented in such form as not to identify the individual tax returns from which such data may be obtained.
United States · United States Congress · 21 May 1975
Provides for the relief of David Olivas-Sanchez, his wife Felicitas Franco De Olivas, and their children, Martin Olivas-Franco and Isidro Olivas-Franco.
United States · United States Congress · 20 May 1975
Authorizes the Secretary of the Interior to establish the Valley Forge National Historical Park in the Commonwealth of Pennsylvania. Stipulates that such park is not to exceed 3,500 acres. Authorizes to be appropriated such sums as necessary to carry out the provisions of this Act.
United States · United States Congress · 13 May 1975
National Welfare Reform Act - Stipulates that no family shall be eligible for the aid to families with dependent children program (AFDC) under the Social Security Act if its total income, without regard to exclusions, exceeds 150 percent of the family's needs. Provides that the Secretary of Health, Education, and Welfare shall provide the full cost of AFDC services to needy families who are not U.S. citizens and are lawfully present in the United States. States that unemployed individuals shall be ineligible for AFDC services for specified periods of time such individual is determined to have, without good cause, refused an offering of bona fide employment or refused to participate under a work incentive program. Provides procedures for the determination of good cause. States that no sanctions will be applied for a ten day period after failure without good cause has been established if the individual participates in counseling services. Sets forth procedures governing adjustment of AFDC grant overpayments. Prohibits AFDC grant payments where the caretaker relative is unemployed due to participation in a strike or because he has voluntarily terminated his employment. Defines "income" for purposes of this Act. Authorizes the Secretary to pay directly to any State up to 75 percent of the costs of investigating and prosecuting complaints of fraud under the AFDC program. Requires that recipients of aid be issued a detailed identification card specifying the programs for which the recipient is eligible. Provides that any person who resides in the same household as an eligible family, but is not himself eligible for aid, shall be required to make a contribution to the State in an amount equal to the amount of the standard payment for single person household under the State's plan.
United States · United States Congress · 1 May 1975
Authorizes the Secretary of Agriculture either independently or in cooperation with States or farmers organizations to carry out operations to detect and eradicate plant pests. Authorizes the Secretary of Agriculture to cooperate with the Governments of Canada, Mexico, Guatemala, Belize, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Colombia, or the local authorities thereof, in carrying out necessary surveys and control operations in those countries in connection with the eradication, suppression, control and prevention or retardation of the spread of plant pests. Authorizes to be appropriated such sums as the Congress may annually determine to be necessary to enable the Secretary of Agriculture to carry out the provisions of this Act. States that unless otherwise specifically authorized, or provided for in appropriations, no part of such sums shall be used to pay the cost or value of property injured or destroyed. Repeals the provisions of law which limits the Secretary's pest control authority to the Mexican pink bollworm. (Repeals 7 U.S.C. 145)
United States · United States Congress · 1 May 1975
Permits the Secretary of the Treasury under the State and Local Fiscal Assistance Act to withhold a percentage of the total entitlement payment for any period to insure sufficient funds for final allocation of funds among the State and local units of government. Appropriates to the State and Local Government Fiscal Assistance Trust Fund: (1) $1,625,000,000 for fiscal year 1976; (2) $6,687,500,000 for fiscal year 1977; (3) $6,837,500,000 for fiscal year 1978; (4) $6,987,500,000 for fiscal year 1979; (5) $7,137,500,000 for fiscal year 1980; and (6) $7,287,500,000 for fiscal year 1981. Appropriates to the Fund as noncontiguous States adjustment: (1) $1,195,000 for fiscal year 1976; and (2) $4,780,000 for each of the fiscal years 1976 through 1981. Exempts amounts appropriated to the Fund from the provisions of the Congressional Budget Act. Directs the Secretary of the Treasury to submit a report with appropriate recommendations to the Congress no later than September 30, 1980, concerning the extension of such Act. Declares that if the entitlement of any Indian tribe or Alaskan native village is waived for any entitlement period, then the amount of such entitlement shall become part of the entitlement of the county government of the county in which such unit is located. Directs each State and local unit of government which receives funds under such Act to submit a report to the Secretary after the close of each entitlement period on the use of the funds received. Directs each unit of local government which expects to receive funds to submit a report to the Secretary on how it plans to use the funds it expects to receive. Empowers the Secretary whenever he determines that a unit of government has failed to comply with an applicable regulation to withhold all or a portion of the entitlement funds due such unit of government, to terminate the eligibility of such unit of government, and to require repayment of the entitlement funds expended. Requires units of government to provide an opportunity for citizens to give recommendations and views on the proposed expenditures of all funds distributed under such Act within such unit.
United States · United States Congress · 1 May 1975
American Folklife Preservation Act - Creates an American Folklife Center in the Library of Congress. Provides that the center shall be subject to the supervision and direction of a board of trustees. Specifies the composition of the board, including: four members appointed by the President, and seven members appointed by the Librarian of Congress. Directs the Librarian to appoint a Director of the Center. Authorizes the Center to establish and implement a program of contracts, grants, loans and scholarships to promote and support American folklife traditions and arts. Provides that no payment shall be made pursuant to this Act to carry out any research or training over a period in excess of two years, with specified exceptions. Provides that no former employee of the Federal government shall be eligible to receive any grant or other assistance under this Act in the two year period following the termination of such employment. Requires the Center to submit to the Librarian of Congress, for inclusion in his annual report to the Congress, an annual report of its operations under this Act. Authorizes to be appropriated to the Center to carry out the provisions of this Act $167,750 for fiscal year 1976, $710,000 for fiscal year 1977, and $1,716,000 for fiscal year 1978.
United States · United States Congress · 1 May 1975
Provides that no change in the status of any member of the uniform services who, on the date of enactment of this Act, is in a missing status as a result of his performance in Southeast Asia may be made by the Secretary of the Armed Force concerned until the President has determined that all reasonable actions have been taken to account for such members, and has so reported to the Congress in writing.
United States · United States Congress · 30 April 1975
Authorizes and requests the President to issue a proclamation designating the seven calendar days commencing on April 30 of each year as "National Beta Sigma Phi Week".
United States · United States Congress · 18 April 1975
Credit Union Financial Institutions Act Amendments - Title I: New Powers and Modernization - Empowers a Federal credit union to make loans and extend credit to members, other credit unions, or financial organizations. Permits credit unions to make loans to members in accordance with the following: (1) loans shall be made in conformity with criteria established by the board of directors and with standards enumerated in this Act; (2) lines of credit shall be established to a stated maximum amount on terms and conditions which may be different than those of another borrower; (3) loans to other credit unions shall be approved by the board of directors and not exceed 1 percent of the unimpaired capital and surplus; and (4) participation loans shall be in accordance with written policies of the board of directors. Empowers the credit union to invest funds: (1) in securities or obligations guaranteed by the United States or any agency or instrumentality thereof; (2) in obligations of any State, or the several territories and possessions or any political subdivision thereof; and (3) in the shares or obligations of any other organization which advances the development of credit unions. Empowers credit unions to place their funds: (1) in shares accounts or deposits of savings which are insured by an agency of the Federal Government, or by any federally or State insured credit union; and (2) in demand or time deposits of banks whose accounts are insured by the Federal Deposit Insurance Corporation. Empowers such credit union to sell all or part of its assets to another credit union, or to purchase assets from another such credit union, and to permit members to transfer money to and from the member's account pursuant to regulations of the Board. Declares that Federal credit union membership shall consist of the incorporators, and such other persons and organizations as may be elected. Stipulates that a Federal credit union shall be managed by a board of directors, a supervisory committee, and a credit committee. Requires the board of directors to annually elect from their number an executive officer, one or more vice presidents, a treasurer, and a secretary. States that the board of directors shall meet at least once a month and shall have general control of the direction of the Federal credit union. Enumerates the general functions and duties of the board of directors. Permits the board of directors to elect a credit committee. Makes it the duty of the committee to hold such meetings as are necessary to consider applications for loans or lines of credit. Requires each Federal credit union to maintain reserves against its demand deposits in the Central Liquidity Facility and in currency and coin in such other form as the Board of Governors of the Federal Reserve System may provide. Authorizes the board to declare a dividend after provision for required reserves has been made. Authorizes issuance of shares in joint tenancy with persons designated by the credit union member. Authorizes shares to be issued in the name of a minor or in trust. Repeals provisions of the Federal Credit Union Act pertaining to: (1) District of Columbia credit unions; (2) approval of certificates; and (3) conditions upon conversion to Federal status. Title II: Restructuring the National Credit Union Administration - Establishes in the executive branch of the Government an independent agency to be known as the National Credit Union Administration. Places the Administration under the management of a National Credit Union Administration Board and provides for a National Credit Union Administration Advisory Board. States that the Board shall have three members having credit union experience appointed by the President with the advice and consent of the Senate. Directs the Chairperson of the Board to be the spokesperson of the Board and to represent the Board and the National Credit Union Administration in its relations with other branches of the Government. Requires that an Advisory Board be elected to advise and make recommendations on policy matters to the Board. Permits any aggrieved party to seek to enjoin or obtain other appropriate remedy when a charter revocation or suspension or an involuntary liquidation is ordered by the Board. Limits the powers of the Administration to the exercise of all powers specifically granted by the provisions of the Federal Credit Union Act and such incidental powers as shall be necessary to carry out the power so granted. Title III: Share Insurance - Includes credit unions organized and operated according to the laws of the trust territories in the Federal credit unions whose member accounts are insured by the Administrator. Title IV: Central Liquidity Facility - Establishes the National Credit Union Central Liquidity Facility to: (1) provide funds to meet the liquidity needs of credit unions; (2) provide for an orderly transfer of funds; and (3) assist credit unions to improve their general welfare and the financial and general welfare of their members and member's family. Vests management of the Facility in the National Credit Union Administration Board. Authorizes the Secretary of the Treasury to advance $500,000 to be utilized by the Facility for initial organization and operating expenses. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having a par value of $50 each. Enumerates the general powers of the Board in administering the Central Liquidity Facility. Entitles any member of the Facility to apply in a form prescribed by regulations for advances. Authorizes the Board to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to purchase any obligation issued by the Board in the event of insufficient funds in the Facility to meet the obligations arising under this Act. Directs the Board to prepare and submit to the President and to the Congress annually a full report on the activities of the Facility for the previous year. Exempts the Facility from all taxation imposed by the United States or by any State.
![Official portrait of Sen. Tower, John G. [R-TX]](https://www.congress.gov/img/member/t000322_200.jpg)