A bill to improve certain maritime programs of the Department of Transportation, and for other purposes.

Summary

Amends the Merchant Marine Act, 1936 to authorize the Secretary of Transportation, in the event of a default, to assume the obligor's rights and duties under a loan or other security agreement guaranteed by the Secretary to finance the purchase of vessels. Exempts from the automatic stay of bankruptcy proceedings the commencement of an action to foreclose a mortgage on a vessel by the Secretary and the Secretary of Commerce under the Ship Mortgage Act, 1920 and the Merchant Marine Act, 1936. Terminates the authority of the Federal Maritime Commission to initiate investigations necessary to carry out the provisions of the Merchant Marine Act, 1936. Reserves such investigations to the Secretary of Transportation. Extends the authority of the Secretary to provide war risk insurance and reinsurance until September 30, 1989. (Currently such authority expires on September 30, 1984.)

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Documents

1 official file

• Introduced in House

  summary · EN · 6 March 1984

  Open at official source

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