/.VV.3 JvSTs 91G 94th Congress } COMMITTEE PRINT 2d Session ,DZPO SUMMARY OP ACTIYITIES 94TH CONGRESS REPORT OF THE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS UNITED STATES SENATE DECEMBER 1976 Printed for the use of the Committee on Banking, Housing and Urban Affairs U.S. GOVERNMENT PRINTING OFFICE 80-607 WASHINGTON : 1976 COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS WILLIAM PROXMIRE. Wisconsin. Chairman JOHN SPARKMAN, Alabama JOHN TOWER, Texas HARRISON A. WILLIAMS, Jr., New Jersey EDWARD W, BROOKE, Massachusetts THOMAS J. McIntyre, New Hampshire BOB PACKWOOD, Oregon ALAN CRANSTON, California JESSE HELMS, North Carolina ADLAI E. STEVENSON, lUinois JAKE GARN, Utah JOSEPH R. BIDEN, Jr., Delaware ROBERT MORGAN, North Carolina Subcommittees Housing and Urban Affairs International Finance SPARKMAN, Chairman STEVENSON, Chairman PROXMIRE BROOKE PROXMIRE PACKWOOD WILLIAMS TOWER WILLIAMS TOWER MCINTYRE PACKWOOD MCINTYRE HELMS CRANSTON GARN CRANSTON GARN BIDEN BIDEN Financial Institutions Production and Stabilization McIntyre, chairman CRANSTON, Chairman PROXMIRE TOWER STEVENSON HELMS SPARKMAN BROOKE BIDEN PACKWOOD WILLIAMS HELMS STEVENSON Consumer Affairs BIDEN, Chairman Securities PROXMIRE GARN MORGAN BROOKE WILLIAMS, Chairman MCINTYRE BROOKE CRANSTON TOWER Small Business STEVENSON HELMS MORGAN, Chairman MORGAN SPARKMAN GARN MCINTYRE PACKWOOD (11) Staff, Committee on Banking, Housing and Urban Affairs Kenneth A. McLean, Staff Director Anthony T. Cluff, Minority Staff Director Mary Frances de la Pava, Chief Clerk Kathleen M. Gaseor, Assistant Chief Clerk John Patten Abshire Carolyn Jordan Elinor B. Bachrach Robert L. Kuttner Florence Barr Robert R. Locklin Adrian Gilmore Bray Stanley J. Marcuss* Thomas A. Brooks Charles L. Marinaccio Edward C. Dicks Marion R. Mayer Maria A. Dellisanti Anne B. Miller Ginger J. Dono Stephen J. Paradise Rose Marie Fried Bernard W. Queen Laurie E. Greene Ralph J. Rohner John B. Henderson Lamar Smith Terri M. Swann William R, Weber Subcommittee on Housing and Urban Affairs Carl A. S. Coan, Staff Director Jeremiah S. Buckley, Minority Counsel Joyce E. Andrews Robert E. Malakoff JoAnn S. Barefoot James H. Schuyler LeAnn R. Hensche Doris I. Thomas Subcommittee on Securities Clifford Alexander Maryanne Kowaleski John C. Jennison Howard A. Menell Lula Joyce Monica M. Walters * Pursuant to S. Res. 60, (III) * » >' ■ ii • -' . , ' V''*. f : . ,v,'. 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A aimaU t' H'.tf • .1 M'.nrtaTH O'/cU .1 ««v)ViU> >'• ' ,i-^ >; ti'lO <laA'''-H.t^i ‘■:u\:'{ anoil u. ■ .'J : 'r ji.^iinou .t » it ^ . i, ;.r/ >«0 .3 rfiwjAvI V ■ ' ItT.Kfc flAi'-;. £ \ •I' "• , .'..f iiTsaT *' ’ a lAvLiJlV/ ^ S' ,o** <\ s>nA3?A pfAHiiU a7A omwirolT' 70 1* k '^ > ’ ^ •wte>Ti(i ,V{<oT .8 .A Ja-.O V>siu»o'*) xi^tosUU ,?aus .uH .8 HiTW^aal ^iovaJ/.M .3 xjtanuH avfiaov.A .3 ’iorol aajrruiijS .H mu/.l " ' TiXlM^y. aH .8 KK/Ot SAMOllT .1 t«HoO[ • .H YMA-dS —- HO T • aaniHUoa?^ ko I t'- 4i.'-.'x4ty^o'A Jy.^^ •i a:!-,w-,AX.7JA OHQs n.TO mm'A.wAl. .0 witol t-^ITjA 7 M /.‘MfOU- SiYol. AJ«J ■ - ij j.0() .a»jr .ft 01 5 '■it*; (XiU 7 ' '»’. J ••<•', 'J, * ' '< !'<>■ • / ■ I 7^3, O r w. • •*". '* ’j' ’ ‘ , ^ jir* STATEMENT OF THE CHAIRMAN During the 94th Congress, the Senate Committee on Banking, Housing and Urban Affairs continued its legislative and oversight activities. These activities seem to increase in volume and intensity as each session of the Congress progresses. This Summary of Activities has been prepared for Members of the Senate and House of Representatives and for the public, to be used as a research tool and historic reference outlining the activities of the committee and its subcommittees during 1975 and 1976. The full committee held 59 days of legislative hearings, 52 days of oversight hearings and 33 days of markup sessions. The subcom¬ mittees altogether held 52 days of legislative hearings, 38 days of oversight hearings, and 11 days of markup sessions. In addition, the committee held 27 nomination hearings during the 94th Congress, all but two of which were acted on favorably. A total of 262 bills and resolutions were referred to the committee; the committee reported to the Senate 49 times; and 21 measures considered by the Members of the Committee were enacted into law. The committee published 18 special reports concerned primarily with its oversight responsibilities, staff studies, and a consumers guide. I am pleased with the record made by the committee in the 94th Congress. I believe the committee acted upon a wide variety of meaningful legislation and timely oversight, all of which is documented in this publication. William Proxmire. (V) r i / \ y nil iv^:' . fjO£l ) 1 r .'■) lilil » - . • li, ■ ■ 'V..'* 5 ml wdSii /o ; i; ') * I Si fi M Digitized by the Internet Archive>«'^si> i (' M in 2019 with funding from University of Illinois Urbana-Champaign Alternates https://archive.org/details/summaryofactivit1976unit CONTENTS Page Statement of the chairman_ v Jurisdiction, procedures, and powers of the committee_ 1 Rules of the Committee_ 5 Action on bills and resolutions_ 11 Nominations_ 13 Legislation Originating in Committee Bills enacted into law: Extend Defense Production Act and Authorization of Appropriations for National Commission on Productivity and Work QuaHty (Pubhc Law 94-42)_ 17 Emergency Homeowner’s ReUef Act (PubHc Law 94-50)_ 17 Authority for Federal Savings and Loans to Act as Custodian of Individual Retirement Accounts (Public Law 94-60)_ 18 Council on Wage and Price Stability (Public Law 94-78)_ 18 International Economic Policy Act (Public Law 94-87)_ 19 Defense Production Act Amendments of 1975 (Public Law 94-152)_ 19 Yeager Medal (Public Law 94-179)_ 20 Exemption for Existing DweUings from Flood Insurance Sanctions (Public Law 94-198)_ 21 Home Mortgage Disclosure Act (Public Law 94-200)_ 21 Real Estate Settlement Procedures Act Amendments (Public Law 94-205)_ 22 Extension of State Taxation of Depositories Act (Pubhc Law 94-222) . 23 Charles Carroll Medal (Public Law 94-257)_ 24 Congressional Resolution passed: Conduct of Monetary Policy (H. Con. Res. 133)_ 25 Bills that passed both Senate and House: Emergency Housing Act of 1975 (H.R. 4485)_ 26 Ethnic Heritage Bicentennial Commemorative Medals Act (S. 371)_ 26 Building energy conservation standards (H.R. 8650)__ 27 Increased loan amounts for mobile homes (H.R. 9852)_ 28 Bills that passed the Senate: Securities Act amendments (S. 2136)_ 29 National Neighborhood Policy Act (S. 3554)_ 29 Corrupt overseas payments by U.S. business enterprises (S. 3664)_ 30 Variable rate mortgages (S. Con. Res. 45)__ 30 Disapproving budget deferral re: homeownership assistance under section 235 (S. Res. 61)_ 31 BiUs reported to the Senate: Emergency Homeowners Rehef Act (S. 1457)_ 32 Emergency Housing Act of 1975 (S. 1483)_ 32 Financial Institutions Supervisory Act Amendments of 1975 (S. 2304) _ 33 Voluntary Municipal Reorganization Act of 1975 (S. 2615)_ 33 Public deposit legislation (H.R. 3035)- 34 Federal Reserve reform (H.R. 12934)_ 34 Bills on which hearings were held: Federal Bank Commission Act (S. 2298)_ 36 Full Employment and Balanced Growth Act of 1976 (S. 50)_ 36 Condominium Consumer Protection Act of 1975 (S. 2273)_ 37 Electronic funds transfer moratorium (S. 245)_ 38 Financial Support Fund Act (S. 1097)_ 38 Regulation of standby letters of credit (S. 2347)_ 39 Energy Independence Authority Act of 1975 (S. 2532)_ 39 Competition in Banking Act of 1976 (S. 2721)-40 Energy Conservation Act of 1976 (S. 2932)__ 40 Construction of Denver Mint (H.R. 5620)---- 41 Investment Policy Act of 1976 (S. 3693)_ 4:1 (vn) VIII Subcommittee on Housing and Urban Affairs Bills enacted into law: Pas® Increased loan amounts for mobile homes (Public Law 94-173)_ 43 Housing Act Amendments of 1976 (Public Law 94-375)_ 43 BiU that passed the Senate: Urban mass transit amendments (S. 622)_ 45 Bills on which hearings were held: Supplemental Community Development Employment Assistance Act of 1976 (S. 2986)___ 46 Abandonment Disaster Demonstration Relief Act of 1975 (S. 1988)_ 46 Subcommittee on Financial Institutions Bills that passed the Senate: Financial Institutions Act (S. 1267)_ 48 Emergency Bank Holding Company Acquisition Act (S. 2209)_ 48 BiUs reported to the Senate: Reorganization of the National Credit Union Administration (S. 3312). 50 Moratorium on conversions of savings and loan associations and mutual savings banks (S. 3802)_ 50 Bills on which hearings were held: Foreign Bank Act of 1975 (S. 958)_ 52 Right to Financial Privacy Act (S. 1343)_ 52 National Consumer Cooperative Bank Act (S. 2631)_ 53 Foreign bank legislation (H.R. 13876)_ 53 Subcommittee on Securities Bill enacted into law: Securities acts amendments (Public Law 94-29)_ 55 BiU reported to the Senate: Investment Advisers Act Amendments of 1975 (S. 2849)_ 57 BiUs on which hearings were held: Foreign Investment Act of 1975 (S. 425)_ 58 Municipal Securities FuU Disclosure Act of 1976 (S. 2969)_ 58 Subcommittee on International Finance BiU enacted into law: Amendment of Bretton Woods Agreements Act (Public Law 94-564) _ > 59 BiU passed by Senate and House: Extension of the Export Administration Act (S. 3084)_ 60 Resolution passed by the Senate: Extending appropriations for the Council on International Economic Policy (S.J. Res. 97)_ 61 Bill reported to the Senate: Foreign Boycotts and Domestic and Foreign Investment Improved Disclosure Acts of 1975 (S. 953)...... 62 Subcommittee on Consumer Affairs Bills enacted into law: Equal Credit Opportunity Act amendments (Public Law 94-239) — 63 Consumer Leasing Act (Public Law 94-240)_ 63 BiU on which hearings were held: Qui Tam and Federal Reserve Board procedures (S. 3008)_ 65 Subcommittee on Small Business Bill enacted into law: Small Business Development Act (Public Law 94-305)_ 66 Bills that passed the Senate: Amending the Small Business Act (S. 1839)_ 68 Small Business Investment Act Amendments (S. 2613)_ 68 Amending the Small Business Act (S. 3369)_ 69 Amending the Small Business Investment Act of 1958 (S. 3370)_ 70 DC Bills on which hearings w'ere held: Page New sources of financing for minority enterprises (S. 1124)_ 71 Small Business Act amendments (S. 1547)_ 71 Amending the Small Business Act (H.R. 4888)_ 72 Oversight Activities Full committee: Bank holding company credit insurance subsidiaries_ 73 Community development block grant program_ 73 Conduct of monetary policy_ 74 Consumers guide to banking_ 74 Consumer protection activities of Federal banking agencies_ 75 Corporate takeovers_ 76 Council on Wage and Price Stability_ 76 Equal opportunity in lending_ 77 Financial disclosure by banks and bank holding companies_ 77 GNMA emergency tandem plan__-_ 78 Home Mortgage Disclosure Act and Equal Credit Opportunity Act-- 78 Housing management, foreclosures and abandonments_ 79 Lockheed loan guarantee_ 79 Multinational banking_ 79 National housing goals_ 79 New York City loan program_ 80 Problem banks_ 80 Real Estate Settlement Procedures Act of 1974_ 80 Secondary mortgage market_ 81 Treasury Department’s contract compliance program for financial institutions_ 81 Variable rate mortgages_ 82 Housing Subcommittee: Financial condition of local housing authorities_ 83 Federal flood insurance program_ 83 Housing goals and mortgage credit: 1975-80_ 83 Rural housing programs_ 84 Development of new types of mortgage market instruments_ 84 Financial Institutions Subcommittee: NOW Accounts_ 85 State and local ‘‘doing business” taxes on out-of-state financial in¬ stitutions_ 85 Conversions of savings and loans and mutual savings banks- 86 Bank branching_ 86 Securities Subcommittee: Securities activities of commercial banks_ 87 International Finance Subcommittee: United States-Soviet grain agreement, S. 2492 and other matters- 88 Production and Stabilization Subcommittee: Cost Accounting Standard 409_ 89 Consumer Affairs Subcommittee: Fair Credit Billing Act two-tier pricing and procedures for Federal Reserve Board regulation writing_ 90 Small Business Subcommittee: The problems of small business_ 91 The role of the small businessman_ 91 SB A set-aside, lease guaranty and surety bond programs- 92 Committee publications_ 93 <• •' IV _-'.- _{.»'i;r .5'.) 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