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 101 STAT. 536

PUBLIC LAW 100-77—JULY 22, 1987

' '

the date of enactment of this Act and ending September 30, 1989. (2) The amendments made by this section shall not apply with respect to allotments issued under the Food Stamp Act of 1977 to any household for any month beginning before the effective period of this section begins.

7 USC 2011 note.

SEC. 808. FOOD STAMP INFORMATION FOR THE HOMELESS. (a) AUTHORITY TO PROVIDE INFORMATION.—Section ll(e)(l)(A) of

the Food Stamp Act of 1977 (7 U.S.C. 2020(e)(l)(A)) is amended by inserting "except, at the option of the State agency, food stamp informational activities directed at homeless individuals" after "Act". (b) ADMINISTRATIVE EXPENSES.—The first sentence of section 16(a) of the Food Stamp Act of 1977 (7 U.S.C. 2025(a)) is amended by striking out "and (4)" and inserting in lieu thereof "(4) food stamp informational activities permitted under section ll(e)(l)(A), and (5). SEC. 809. EXPEDITED FOOD STAMP SERVICE. n&j. = r 1 (a) EuGiBiliTY.—Section ll(e)(9) of the Food S t a m p Act of 1977 (7 U.S.C. 2020(e)(9)) is amended — (1) by striking out "and" after the semicolon at the end of clause (ii) of subparagraph (A); (2) by redesignating subparagraph (B) as subparagraph (D); (3) by inserting after subparagraph (A) the following new subparagraphs: "(B) provide coupons no later than five days after the date of application to any household in which all members are homeless individuals and that meets the income and resource criteria for coupons under this Act; ^ "(C) provide coupons no later than five days after the date .¥t..a ^W: ^B'i ^^ application to any household that has a combined gross .-.i.||, income and liquid resources that is less than the monthly rent, or mortgage, and utilities of the household; and"; and (4) in subparagraph (D) (as redesignated), by striking out "the household" and inserting in lieu thereof "a household referred to in subparagraph (A), (B), or (C)". 7 USC 2020 note. 0)) EFFECTIVE DATE.—The amendments made by this section shall become effective and be implemented as soon as the Secretary of Agriculture determines is practicable after the date of enactment of this Act, but not later than 160 days after the date of enactment of this Act.

Subtitle B—Temporary Emergency Food Assistance Program (TEFAP) SEC. 811. VARIETY OF COMMODITIES UNDER TEFAP. (a)

^<A- 'jCS '• *.'

COMMODITIES FOR ELIGIBLE

RECIPIENT AGENCIES.—Section

202(d) of the Temporary Emergency Food Assistance Act of 1983 (7 U.S.C. 612c note) is amended by inserting after "shall include" the following: "a variety of commodities and products thereof that are most useful to eligible recipient agencies, including". (b) TECHNICAL AMENDMENT.—Section 202 of the Temporary Emergency Food Assistance Act of 1983 (7 U.S.C. 612c note) is amended by inserting the subsection designation "(a)" after "SEC. 202.".

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 PUBLIC LAW 100-77—JULY 22, 1987

101 STAT. 537

SEC. 812. DISTRIBUTION OF SURPLUS FLOUR, CORNMEAL, AND CHEESE.

The Temporary Emergency Food Assistance Act of 1983 (7 U.S.C. 612c note) is amended by inserting after section 202 the following new section: " A V A I L A B I L I T Y O F CCC F L O U R, CORNMEAL, AND CHEESE

"SEC. 202A. Notwithstanding any other provision of law— "(a)(1) To the extent provided in advance in an appropriation Act, in fiscal year 1988, flour, cornmeal, and cheese acquired by the Commodity Credit Corporation that are in excess of quantities needed to— "(A) carry out other domestic donation programs, "(B) meet other domestic obligations (including quantities needed to carry out a payment-in-kind acreage diversion program), "(C) meet international market development and food aid commitments, and "(D) carry out the farm price and income stabilization purposes of the Agricultural Adjustment Act of 1938, the Agricultural Act of 1949, and Commodity Credit Corporation Charter Act, shall be made available as provided in paragraph (2), "(2) The Secretary shall make such excess flour, cornmeal, and cheese available in any State, in addition to the normal allotment of such commodities (adjusted by any reallocation) for fiscal year 1988 under this Act, at the request of the chief executive officer of such State who certifies to the Secretary that— "(A)(i) individuals in such State who are eligible to receive flour, cornmeal, and cheese under this Act are not receiving such commodities distributed under other provisions of this Act, or "(ii) the number of unemployed individuals in such State has increased during the most recent 90-day period for which unemployment statistics are available prior to the date the certification is made, and "(B) the distribution of flour, cornmeal, and cheese under this section in such State will not substantially displace the commercial sale of such commodities in such State. "(b) Flour, cornmeal, and cheese made available under this section by the Secretary shall be made available without charge or credit in fiscal year 1988, in a usable form, for use by eligible recipient agencies in a State. "(c) The amount of cheese made available under this section in fiscal year 1988 shall not exceed 14,000,000 pounds. "(d) Whenever the Secretary receives a request submitted under subsection (a)(2), the Secretary shall immediately notify the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate that such request was received.". SEC. 813. AUTHORIZATION OF APPROPRIATIONS FOR FOOD STORAGE AND DISTRIBUTION COSTS UNDER TEFAP.

The first sentence of section 204(c)(1) of the Temporary Emergency Food Assistance Act of 1983 (7 U.S.C. 612c note) is amended by striking out "and September 30, 1987" and inserting in lieu thereof "through September 30, 1988".

7 USC 1281. 7 USC 1421 note. 15 USC 714. State and local governments, >.^ l.:^ '-'

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text:
Page:United States Statutes at Large Volume 101 Part 1.djvu/568

 101 STAT. 538

PUBLIC LAW 100-77—JULY 22, 1987

SEC. 814. CONTINUATION OF TEFAP.

(a) IN GENERAL.—Section 212 of the Temporary Emergency Food Assistance Act of 1983 (7 U.S.C. 612c note) is amended by striking out "1987" and inserting in lieu thereof "1988". (b) CONFORMING AMENDMENT.—Section 210(c) of the Temporary

Emergency Food Assistance Act of 1983 (7 U.S.C. 612c note) is amended— (1) by striking out "beginning October 1, 1983, and ending September 30, 1987" and inserting in lieu thereof "ending on the date specified in section 212"; and (2) by striking out "fiscal year ending September 30, 1987" and inserting in lieu thereof "fiscal year ending September 30, 1988".

TITLE IX—VETERANS' PROVISIONS SEC. 901. EXTENSION OF VETERANS' JOB TRAINING ACT.

. sg, ".

29 USC 1721 "°*®-

(a) AUTHORIZATION OF APPROPRIATIONS. — S e c t i o n 16 of the Veterans' Job Training Act (29 U.S.C. 1721 note) is amended— (1) by striking out "$65,000,000 for fiscal year 1986" and inserting in lieu thereof "a total of $65,000,000 for fiscal years 1986, 1987, and 1988"; and (2) by striking out "September 30, 1988" and inserting in lieu thereof "September 30, 1989". 01)) EXTENSION OF TERMINATION DATES.—Section 17(a) of such Act is amended— (1) by striking out "January 31, 1987" in clause (1) and inserting in lieu thereof "December 31, 1987"; and (2) by striking out "July 31, 1987" in clause (2) and inserting in lieu thereof "June 30, 1988". Approved July 22, 1987.

^

LEGISLATIVE HISTORY—H.R. 558 (H.R. 177) (S. 728) (S. 809) (S. 810) (S. 811) (S. 813): HOUSE REPORTS: No. 100-8 accompanying H.R. 177 (Comm. on Agriculture), No. 100-10, Pt. 1 (Comm. on Banking, Finance and Urban Affairs) and Pt. 2 (Comm. on Energy and Commerce), and No. 100-174 (Comm. of Conference). C O N G R E S S I O N A L RECORD, Vol. 133 (1987): Mar. 5, considered and passed House. ,. Apr. 8, 9, considered and passed Senate, amended. May 8, House disagreed to Senate amendment. June 27, Senate agreed to conference report. June 30, House agreed to conference report. •» WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 23 (1987): July 22, Presidential statement.

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text:
Page:United States Statutes at Large Volume 101 Part 1.djvu/569

 PUBLIC LAW 100-78—JULY 24, 1987

101 STAT. 539

Public Law 100-78 100th Congress Joint Resolution To designate the period commencing November 15, 1987, and ending November 21, 1987, as "Geography Awareness Week".

Whereas the United States of America is a truly unique nation with diverse landscapes, bountiful resources, a distinctive multiethnic population, and a rich cultural heritage, all of which contributes to the status of the United States as a world power; Whereas geography is the study of people, their environments, and their resources; Whereas, historically, geography has aided Americans in understanding the wholeness of their vast nation and the great abundance of its natural resources; Whereas geography today offers perspectives and information in understanding ourselves, our relationship to the Earth, and our interdependence with other peoples of the world; Whereas 20 percent of American elementary school students asked to locate the United States on a world map placed it in Brazil; Whereas 95 percent of American college freshmen tested could not locate Vietnam on a world map; Whereas 75 percent of Americans responding to a nationwide survey could not locate El Salvador on a map, while 63 percent could not name the two nations involved in the SALT talks; Whereas over 20 percent of American teachers currently teaching geography have taken no classes in the subject and, therefore, do not have the training necessary to effectively teach geographic concepts; Whereas departments of geography are being eliminated from American institutes of higher learning, thus endangering the discipline of geography in the United States; Whereas traditional geography has virtually disappeared from the curricula of American schools while still being taught as a basic subject in other countries, including Great Britain, Canada, Japan, and the Soviet Union; Whereas an ignorance of geography, foreign languages, and cultures places the United States at a disadvantage with other countries in matters of business, politics, and the environment; Whereas the United States is a nation of worldwide involvements and global influence, the responsibilities of which demand an understanding of the lands, languages, and cultures of the world; and Whereas national attention must be focused on the integral role that knowledge of world geography plays in preparing citizens of the United States for the future of an increasingly interdependent and interconnected world: Now, therefore, be it

July 24, 1987 [S.J. Res. 88]

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Page:United States Statutes at Large Volume 101 Part 1.djvu/570

 101 STAT. 540

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PUBLIC LAW 100-78—JULY 24, 1987

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the period commencing November 15, 1987, and ending November 21, 1987, is designated as "Geography Awareness Week*, and the President is authorized and requested to issue a proclamation calling upon the people of the United States to observe such week with appropriate ceremonies and activities. Approved July 24, 1987.

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LEGISLATIVE HISTORY—S.J. Res. 88: CONGRESSIONAL RECORD, Vol. 133 (1987): June 9, considered and passed Senate. July 14, considered and passed House.

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Page:United States Statutes at Large Volume 101 Part 1.djvu/571

 PUBLIC LAW 100-79—JULY 28, 1987 Public Law 100-79 100th Congress

101 STAT. 541

- • Joint Resolution

To designate July 25, 1987 as "Clean Water Day".

Whereas fresh, pure water is inextricably linked to our Nation's culture and heritage and is an invaluable resource to be cherished and protected; Whereas every American should be able to draw upon the abundant resources of our rivers, lakes, streams, and underground water supplies to enjoy clean and safe drinking water; Whereas our coastal waters produce a rich bounty of fish and seafood without equal, and our inland waters nourish an agricultural system that feeds the world; Whereas millions of Americans and visitors to our Nation enjoy our rivers, lakes, streams, and oceans for fishing, swimming, boating, and other recreation each year; Whereas the Nation's trade and commerce were built upon our waterways, and water related jobs bring continued vitality to our economy; and Whereas it is important to recognize and appreciate the natural beauty and wealth that our waterways have to offer us: Now, therefore, be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That July 25, 1987, is designated as "Clean Water Day", and the President is authorized and requested to issue a proclamation calling upon the people of the United States to observe that day with appropriate ceremonies and activities. Approved July 28, 1987.

LEGISLATIVE HISTORY—S.J. Res. 160: CONGRESSIONAL RECORD, Vol. 133 (1987): June 25, considered and passed Senate. July 21, considered and passed House.

July 28, 1987 [S.J. Res. 160]

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text:
Page:United States Statutes at Large Volume 101 Part 1.djvu/572

 101 STAT. 542

PUBLIC LAW 100-80—JULY 30, 1987

Public Law 100-80 100th Congress

^^ T^U An Act

July 30, 1987 [H.R. 3022]

Ante, p. 308. Effective date. 31 USC 3101

'

To provide for a temporary extension of the public debt limit.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) subsection (a) of the first section of the Act of May 15, 1987, entitled "An Act to provide for a temporary increase in the public debt limit" (Public Law 100-40) is amended by striking out "July 17, 1987" and inserting in lieu thereof "August 6, 1987". (b) The amendment made by subsection (a) shall take effect on the date of the enactment of this Act.

note.

Approved July 30, 1987.

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LEGISLATIVE HISTORY—H.R. 3022: HOUSE REPORTS: No. 100-244 (Comm. on Ways and Means). CONGRESSIONAL RECORD, Vol. 133 (1987): • July 29, considered and passed House and Senate.

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Page:United States Statutes at Large Volume 101 Part 1.djvu/573

 PUBLIC LAW 100-81—JULY 31, 1987

101 STAT. 543

Public Law 100-81 100th Congress Joint Resolution To designate the week of October 4, 1987, through October 10, 1987, as "Mental Illness Awareness Week".

Whereas mental illness is a problem of grave concern and consequence in American society, though one widely but unnecessarily feared and misunderstood; Whereas thirty-one to forty-one million Americans annually suffer from clearly diagnosable mental disorders involving significant disability with respect to employment, attendance at school, or independent living; Whereas more than ten million Americans are disabled for long periods of time by schizophrenia, manic depressive disorder, and major depression; Whereas between 30 and 50 per centum of the homeless suffer serious, chronic forms of mental illness; Whereas alcohol, drug, and mental disorders affect almost 19 per centum of American adults in any six-month period; Whereas mental illness in at least twelve million children interferes with vital development and maturational processes; Whereas mental disorder-related deaths are estimated to be thirtythree thousand, with suicide accounting for at least twenty-nine thousand, although the real number is thought to be at least three times higher; Whereas our growing population of the elderly is particularly vulnerable to mental illness; Whereas mental disorders result in staggering costs to society, totalling an estimated $106,200,000,000 in direct treatment and support and indirect costs to society, including lost productivity; Whereas mental illness is increasingly a treatable disability with excellent prospects for amelioration and recovery when properly recognized; Whereas families of mentally ill citizens and those persons themselves have begun to join self-help groups seeking to combat the unfair stigma of the diseases, to support greater national investment in research, and to advocate for an adequate continium of care from hospital to community; Whereas in recent years there have been unprecedented major research developments bringing new methods and technology to the sophisticated and objective study of the functioning of the brain and its linkages to both normal and abnormal behavior; Whereas research in recent decades has led to a wide array of new and more effective modalities of treatment (both somatic and psychosocial) for some of the most incapacitating forms of mental illness (including schizophrenia, major affective disorders, phobias, and phobic disorders);

July 31, 1987 [S.J. Res. 76]

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Page:United States Statutes at Large Volume 101 Part 1.djvu/574

 101 STAT. 544

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PUBLIC LAW 100-81—JULY 31, 1987

Whereas appropriate treatment of mental illness has been demonstrated to be cost effective in terms of restored productivity, reduced utilization of other health services, and lessened social dependence; and Whereas recent and unparalleled growth in scientific knowledge about mental illness has generated the current emergence of a new threshold of opportunity for future research advances and fruitful application to specific clinical problems: Now, therefore, be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the week beginning on October 4, 1987, is designated as "Mental Illness Awareness Week", and the President is authorized and requested to issue a proclsmiation calling upon the people of the United States to observe such week with appropriate ceremonies and activities. Approved July 31, 1987. 1 9 ^ 1 ki

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Page:United States Statutes at Large Volume 101 Part 1.djvu/575

 PUBLIC LAW 100-82—AUG. 4, 1987

101 STAT. 545

Public Law 100-82 100th Congress Joint Resolution To designate August 1, 1987, as "Helsinki Human Rights Day".

Wheregis August 1, 1987, will be the twelfth anniversary of the signing of the Final Act of the Conference on Security and Cooperation in Europe (hereafter in this preamble referred to as the "Helsinki Accords"); Whereas on August 1, 1975, the Helsinki Accords were agreed to by the Governments of Austria, Belgium, Bulgaria, Canada, Cyprus, Czechoslovakia, Denmark, Finland, France, the German Democratic Republic, the Federal Republic of Germany, Greece, the Holy See, Hungary, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, the Netherlands, Norway, Poland, Portugal, Romania, San Marino, Spain, Sweden, Switzerland, Turkey, the Union of Soviet Socialist Republics, the United Kingdom, the United States of America, and Yugoslavia; Whereas the participating States have committed themselves to balanced progress in all areas of the Helsinki Accords; Whereas the Helsinki Accords express the commitment of the participating States to "recognize the universal significance of human rights and fundamental freedoms, respect for which is an essential factor for the peace, justice and well-being necessary to ensure the development of friendly relations and cooperation among themselves as among all States"; Whereas the Helsinki Accords also express the commitment of the participating States to "respect human rights and fundamental freedoms, including the freedom of thought, conscience, religion or belief, for all without distinction as to race, sex, language or religion"; Whereas the Helsinki Accords also express the commitment of the participating States to "promote and encourage the effective exercise of civil, political, economic, social, cultural and other rights and freedoms all of which derive from the inherent dignity of the human person and are essential for his free and full development"; Whereas the Helsinki Accords also express the commitment of the participating States to "recognize and respect the freedom of the individual to profess and practise, alone or in community with others, religion or belief acting in accordance with the dictates of his own conscience"; Whereas the Helsinki Accords also express the commitment of the participating States in whose territory national minorities exist to 'respect the right of persons belonging to such minorities to equality before the law and that such States "will afford them the full opportunity for the actual enjoyment of human rights and fundamental freedoms and will, in this manner, protect their legitimate interests in this sphere"; Whereas the Helsinki Accords also express the commitment of the participating States to "constantly respect these rights and free-

Aug. 4, 1987 [S.J. Res. 151]

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Page:United States Statutes at Large Volume 101 Part 1.djvu/576

 101 STAT. 546

59 Stat. 1031.

PUBLIC LAW 100-82—AUG. 4, 1987 doms in their mutual relations" and that such States "will endeavor jointly and separately, including in cooperation with the United Nations, to promote universal and effective respect for them"; Whereas the Helsinki Accords also express the commitment of the participating States to "confirm the right of the individual to know and act upon his rights and duties in this field"; Whereas the Helsinki Accords also express the commitment of the participating States in the field of human rights and fundamental freedoms to "act in conformity with the purposes and principles of the Charter of the United Nations and with the Universal Declaration of Human Rights" and to "fulfill their obligations as set forth in the international declarations and agreements in this field, including inter alia the International Covenants on Human Rights, by which they may be bound"; Whereas the Helsinki Accords also express the commitment of the participating States to guarantee the right of the individual to leave his own country and return to such country; Whereas the Helsinki Accords also express the commitment of the participating States to "facilitate freer movement and contacts, individually and collectively, whether privately or officially, among persons, institutions and organizations of the participating States, and to contribute to the solution of the humanitarian problems that arise in that connection"; Whereas the Helsinki Accords also express the commitment of the participating States to "favorably consider applications for travel with the purpose of allowing persons to enter or leave their territory temporarily, and on a regular basis if desired, in order to visit members of their families"; Whereas the Helsinki Accords also express the commitment of the participating States to "deal in a positive and humanitarian spirit with the applications of persons who wish to be reunited with members of their family" and "to deal with applications in this field as expeditiously as possible"; Whereas the Helsinki Accords also express the commitment of the participating States to "examine favorably and on the basis of humanitarian considerations requests for exit or entry permits from persons who have decided to marry a citizen from another participating State"; Whereas the Helsinki Accords also express the commitment of the participating States to "facilitate wider travel by their citizens for personal or professional reasons"; Whereas the Governments of the Union of Soviet Socialist Republics, Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, and Romania, in agreeing to the Helsinki Accords, have acknowledged an adherence to the principles of human rights and fundamental freedoms as embodied in the Helsinki Accords; Whereeis in varying degrees the aforementioned Governments consciously and systematically have violated their commitments to the Helsinki Accords by denying individuals their inherent rights to freedom of religion, thought, conscience, and belief; Whereas in varying degrees the aforementioned Governments consciously and systematically have violated their commitments to the Helsinki Accords by restricting the free movement of people, ideas, and information;

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Page:United States Statutes at Large Volume 101 Part 1.djvu/577

 PUBLIC LAW 100-82—AUG. 4, 1987

101 STAT. 547

Whereas in November 1986 representatives from the signatory States convened in Vienna to review implementation of the Helsinki Accords, including the human rights and humanitarian provisions; and Whereas the Vienna meeting has presented important opportunities to address issues of compliance with the human rights and humanitarian provisions of the Helsinki Accords: Now, therefore, be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That— (1) August 1, 1987, the twelfth anniversary of the signing of the Helsinki Accords is designated as "Helsinki Human Rights Day"; (2) the President is authorized and requested to issue a proclamation reasserting the American commitment to full implementation of the human rights and humanitarian provisions of the Helsinki Accords, urging all signatory nations to abide by their obligations under the Helsinki Accords, and encouraging the people of the United States to join the President and Congress in observance of Helsinki Human Rights Day with appropriate programs, ceremonies, and activities; (3) the President is further requested to continue his efforts to achieve full implementation of the human rights provisions of the Helsinki Accords by raising the issue of noncompliance with the Governments of the Soviet Union, Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, and Romania at every available opportunity; (4) the President is further requested to convey to all signatories of the Helsinki Accords that respect for human rights and fundamental freedoms is a vital element of further progress in the ongoing Helsinki process; (5) the President is authorized to convey to allies and friends of the United States that unity on the question of respect for human rights and fundamental freedoms is the most effective means to promote the full implementation of the human rights and humanitarian provisions of the Helsinki Accords; (6) the President is further requested to continue his efforts to achieve the release of all political prisoners of the Soviet Union, including Helsinki monitors, the significant increase in Soviet emigration, the resolution of all family reunification ceises, and the cessation of radio transmission jamming; (7) the President is further requested to seek the inclusion, in any concluding document agreed to in Vienna, of a mechanism to assure that human rights progress is sustained following the conclusion of the Vienna Conference on Security and Cooperation in Europe; and

91-194 O - 90 -19: QL.3 Part 1

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Page:United States Statutes at Large Volume 101 Part 1.djvu/578

 101 STAT. 548

PUBLIC LAW 100-82—AUG. 4, 1987

(8) the President is further requested to convey to signatory States the desire of the United States for a balanced result at expense of human rights. SEC. 2. The Secretary of the Senate is directed to transmit copies of this joint resolution to the President, the Secretary of State, and the Ambassadors of the thirty-four Helsinki signatory nations. \j!t Approved August 4, 1987.......'*.".-.^vs.-..'•'
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LEGISLATIVE HISTORY—S.J. Res. 151: CONGRESSIONAL RECORD, Vol. 133 (1987): June 5, considered and passed Senate. July 28, considered and passed House.

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Page:United States Statutes at Large Volume 101 Part 1.djvu/579

 PUBLIC LAW 100-83—AUG. 4, 1987

101 STAT. 549

Public Law 100-83 100th Congress An Act To confer the honorary status of Librarian of Congress Emeritus on Daniel J. Boorstin.

Aug. 4, 1987 [S. 1020]

Be it enacted by the Senate and House of Representatives of the i; »: f United States of America in Congress assembled, That upon retire'^ -' ment from service as the Librarian of Congress, Daniel J. Boorstin, who has held that position since November 12, 1975, may be known as the Librarian of Congress Emeritus. Such honorary designation shall not constitute an appointment in the civil service, as defined in section 2101 of title 5, United States Code. SEC. 2. In connection with his activities as Librarian of Congress Library of Emeritus, Daniel J. Boorstin may receive incidental administrative Congress. and clerical support through the Library of Congress. Approved August 4, 1987.

LEGISLATIVE HISTORY—S. 1020 (H.J. Res. 291): HOUSE REPORTS: No. 100-215 accompanying H.J. Res. 291 (Comm. on House Administration). SENATE REPORTS: No. 100-54 (Comm. on Rules and Administration). CONGRESSIONAL RECORD, Vol. 133 (1987): May 12, considered and passed Senate. July 21, H.J. Res. 291 considered and passed House; proceedings vacated and S. 1020, amended, passed in lieu. July 22, Senate concurred in House amendments.

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Page:United States Statutes at Large Volume 101 Part 1.djvu/580

 101 STAT. 550

PUBLIC LAW 100-84—AUG. 10, 1987

Public Law 100-84 100th Congress

", ^ An Act

Aug. 10, 1987 [H.R. 3190]

31 USC 3101 'lote.

To provide for a temporary increase in the public debt limit.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That during the period beginning on the date of the enactment of this Act and ending on September 23, 1987, the public debt limit set forth in subsection (b) of section 3101 of title 31, United States Code, shall be equal to $2,352,000,000,000. Approved August 10, 1987.

LEGISLATIVE HISTORY—H.R. 3190: CONGRESSIONAL RECORD, Vol. 133 (1987): Aug. 7, considered and passed House and Senate.

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Page:United States Statutes at Large Volume 101 Part 1.djvu/581

 PUBLIC LAW 100-85—AUG. 10, 1987

101 STAT. 551

Public Law 100-85 100th Congress An Act To dedicate the North Cascades National Park to Senator Henry M. Jackson.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the North Cascades National Park, Washington, is hereby dedicated to Senator Henry M. Jackson in recognition of his leadership in establishing the North Cascades National Park, his outstanding contributions to the National Park System, the National Wilderness Preservation System, and to the protection and preservation of our great natural resources for the benefit of the people of the United States for all time. SEC. 2. In order to carry out the provisions of this Act, the Secretary of the Interior is authorized and directed to provide such identification by signs, including, but not limited to changes in existing signs, materials, maps, markers, interpretive programs, or other means as will adequately inform the public of the contributions of Henry M. Jackson. SEC. 3. The Secretary of the Interior is further authorized and directed to cause to be erected and maintained, within the boundaries of the North Cascades National Park, an appropriate memorial to Henry M. Jackson. Such memorial shall include but not be limited to an appropriate permanent marker describing the contributions of Henry M. Jackson to the Nation. SEC. 4. There are authorized to be appropriated such sums as may be necessary to carry out the provisions of this Act. Approved August 10, 1987.

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LEGISLATIVE HISTORY—S. 958: CONGRESSIONAL RECORD, Vol. 133 (1987): June 9, considered and passed Senate. July 27, considered and passed House.

Aug. 10, 1987 [S. 958] Washington. 16 USC 90 note.

Public information. 16 USC 90 note.

16 USC 90 note.

Appropriation authorization. 16 USC 90 note.

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text:
Page:United States Statutes at Large Volume 101 Part 1.djvu/582

 101 STAT. 552

PUBLIC LAW 100-86—AUG. 10, 1987

Public Law 100-86 100th Congress An Act Aug. 10, 1987 [H.R. 27]

Competitive Equality Banking Act of 1987. 12 USC 226 note.

To regulate nonbank banks, impose a moratorium on certain securities and insurance activities by banks, recapitalize the Federal Savings and Loan Insurance Corporation, allow emergency interstate bank acquisitions, streamline credit union operations, regulate consumer checkholds, and for other purposes.

Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

of the

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) SHORT TITLE.—This Act may be cited as the "Competitive

Equality Banking Act of 1987". (b) TABLE OF CONTENTS.— TITLE I—FINANCIAL INSTITUTIONS COMPETITIVE EQUALITY Sec 100. Short title. Sec, 101. Amendments to the Bank Holding Company Act of 1956. Sec. 102. Amendments to the Federal Reserve Act. Sec. 103. Securities affiliations of nonmember insured banks. Sec. 104. Amendments to savings and loan holding company provisions of the National Housing Act. Sec 105. Amendment to the Federal Home Loan Bank Act. Sec 106. Securities affiliations of FSLIC insured institutions. Sec. 107. Mutual holding company amendments. Sec. 108. Leasing authority of national banks. Sec. 109. NOW accounts. Sec. 110. Exemption from affiliate transaction restrictions. Sec. 111. Consideration of certain acquisitions. Sec. Sec. Sec. Sec. Sec.

TITLE II—MORATORIUM ON CERTAIN NONBANKING ACTIVITIES 201. Moratorium on certain nonbanking activities. 202. Authority of Federal banking agencies. ., _ i 203. Intent of Congress. 204. Amendments to the International Banking Act of 1978. 205. Amendments to the Bank Holding Company Act of 1956. TITLE III—FSLIC RECAPITALIZATION

Sec. Sec. Sec. Sec. Sec.

301. Short title. 302. Financing corporation established. 303. Mixed ownership government corporation. 304. Recapitalization of FSLIC. 305. FSLIC authority to charge premiums reduced by amount of financing corporation assessments. Sec. 306. Miscellaneous provisions. Sec. 307. Secondary reserve provisions. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec.

TITLE IV—THRIFT INDUSTRY RECOVERY PROVISIONS 401. Short title. 402. Thrift institution accounting, appraisal, and reserve standards. 403. Audit of Federal Asset Disposition Association. 404. Thrift industry recovery regulations. 405. Capital instrument purchase program. 406. Minimum capital requirements. 407. Improvements in the supervisory process. 408. Prevention of insolvencies. 409. Feasibility study relating to establishment of asset holding corporation. 410. Notice and disapproval procedure required for all applications to the Bank Board.

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 PUBLIC LAW 100-86—AUG. 10, 1987 Sec. Sec. Sec. Sec.

101 STAT. 553

Guidelines for asset disposition. Expansion of use of underutilized minority thrift institutions. Authority of independent contractors, consultants, and counsel. Extension of forbearance previously provided in the acquisition of troubled thrift institutions. Sec. 415. Congressional oversight. Sec. 416. Sunset. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec.

411. 412. 413. 414.

TITLE V—FINANCIAL INSTITUTIONS EMERGENCY ACQUISITIONS SOL Short title. 502. FDIC assisted emergency interstate acquisitions. 503. Bridge banks. 504. Conversions. 505. Federal depository institutions regulatory agencies not subject to apport i o n m e n t of funds provisions. 506. Federal depository institutions regulatory agencies not subject to sequestration. 507. Liquidation proceedings. 508. Capital pools. 509. Permanent extension of certain temporary provisions of law; 5 year extension of net worth certificates.
 * o

»«v:l Sec. 601. Sec. 602. Sec. 603. Sec. 604. Sec. 605. Sec. 606. Sec. 607. Sec. 608. Sec. 609. Sec. 610. Sec. 611. Sec. 612. Sec. 613.

TITLE VI—EXPEDITED FUNDS AVAILABILITY Short title. Definitions. Expedited funds availability schedules. Safeguard exceptions. Disclosure of funds availability policies. Pajmient of interest. Miscellaneous provisions. Effect on State law. Regulations and reports by Board. Administrative enforcement. CivU liabliities. Parity in clearing. Effective dates.

Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec.

TITLE Vn—CREDIT UNION AMENDMENTS 5 Short title. J Second mortgage and home improvement loans. ..? Ownership interest. Faithful performance. Membership officers. Nonparticipation. Property acquisition flexibility. Treatment of NCUAB funds. Technical and clarifying amendments; removal and prohibition authority. Effect of removal or suspension. Imposition of conservatorship. Reduction in State comment waiting period. Authority as conservator. Liquidation proceedings. ^j Transfer of FTC jurisdiction to NCUAB. Assets which may be pledged.

701. 702. 703. 704. 705. 706. 707. 708. 709. 710. 711. 712. 713. 714. 715. 716.

TITLE Vra—LOAN LOSS AMORTIZATION Sec. 801. Loan loss amortization for agricultural banks.

^

1 j

J

TITLE - F U L L FAITH AND CREDIT OF FEDERALLY INSURED DEPOSITORY INSTITUTIONS Sec. 901. Reaffirmation of security of funds deposited in federally insured depository institutions. Sec. Sec. Sec. Sec. Sec. Sec.

1001. 1002. 1003. 1004. 1005. 1006.

TITLE X—GOVERNMENT CHECKS Report on difficulty in cashing Treasury checks. Time limit on payment of Treasury checks. Cancellation of Tretisuiy checks. Limitation on reclamation actions and claims. Regulations. Effective date.

•

•*-"• • >• -•

'

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Page:United States Statutes at Large Volume 101 Part 1.djvu/584

 101 STAT. 554

PUBLIC LAW 100-86—AUG. 10, 1987

TITLE XI—INTEREST TO CERTAIN DEPOSITORS Sec. 1101. Interest to certain depositors. Sec. Sec. Sec. Sec. Sec.

Competitive KiLnts o f

TITLE XII—MISCELLANEOUS PROVISIONS 1201. High yield bond study. 1202. Study of competitive issues in the pa}mients mechanism. 1203. Study and reports concerning direct investments. 1204. Adjustable rate mortgage caps. 1205. Separability of provisions.

'

TITLE I—FINANCIAL INSTITUTIONS COMPETITIVE EQUALITY

1987. ' K«?«f,.-, 12 USC 226 note. SEC. 100. SHORT TITLE.

.;^V.'

This title may be cited as the "Competitive Equality Amendments of 1987". SEC. 101. AMENDMENTS TO THE BANK HOLDING COMPANY ACT OF 1956. (a) DEFINITIONS.— (1) AMENDMENT TO DEFINITION OF BANK.—Section 2(c) of the

12 USC 1813.

Bank Holding Company Act of 1956 (12 U.S.C. 1841(c)) is amended to read as follows: "(c) BANK DEFINED.—For purposes of this Act— "(1) IN GENERAL.—Except as provided in paragraph (2), the term 'bank* means any of the following: "(A) An insured bank as defined in section 3(h) of the Federal Deposit Insurance Act. "(B) An institution organized under the laws of the United States, any State of the United States, the District of (]!olumbia, any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands which both— "(i) accepts demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; and (ii) is engaged in the business of making commercied loans. "(2) EXCEPTIONS.—The term 'bank' does not include any of the following: "(A) A foreign bank which would be a bank within the meaning of paragraph (1) solely because such bank has an insured or uninsured branch in the United States. "(B) An insured institution (as defined in subsection (j))"(C) An organization that does not do business in the United States except as an incident to its activities outside the United States. "(D) An institution that functions solely in a trust or fiduciary capacity, if— "(i) all or substantially all of the deposits of such institution are in trust funds and are received in a bona fide fiduciary capacity; "(ii) no deposits of such institution which are insured by the Federal Deposit Insurance Corporation are offered or marketed by or through an affiliate of such institution;

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 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 555

"(iii) such institution does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others or make commercial loans; and "(iv) such institution does not— "(I) obtain payment or payment related services from any Federal Reserve bank, including any service referred to in section 11A of the Federal Reserve Act; or "(11) exercise discount or borrowing privileges pursuant to section 19(b)(7) of the Federal Reserve Act.

"(E) A credit union (as described in section 19(b)(l)(A)(iv) of the Federal Reserve Act). "(F) An institution which— "(i) engages only in credit card operations; "(ii) does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; "(iii) does not accept any savings or time deposit of less than $100,000; "(iv) maintains only one office that accepts deposits; and "(v) does not engage in the business of making commercial loans. "(G) An organization operating under section 25 or section 25(a) of the Federal Reserve Act. "(H) An industrial loan company, industrial bank, or other similar institution which is— "(i) an institution organized under the laws of a State which, on March 5, 1987, had in effect or had under consideration in such State's legislature a statute which required or would require such institution to obtain insurance under the Federal Deposit Insurance Act— "(I) which does not accept demand deposits that the depositor may withdraw by check or similar means for payment to third parties; "(II) which has total assets of less than $100,000,000; or "(III) the control of which is not acquired by any company after the date of the enactment of the Competitive Equality Amendments of 1987; or "(ii) an institution which does not, directly, indirectly, or through an affiliate, engage in any activity in which it was not lawfully engaged as of March 5, 1987, except that this subparagraph shall cease to apply to any institution which permits any overdraft (including any intraday overdraft), or which incurs any such overdraft in such institution's account at a Federal Reserve bank, on behalf of an affiliate if such overdraft is not the result of an inadvertent computer or accounting error that is beyond the control of both the institution and the affiliate. "(I) The Investors Fiduciary Trust Company, located in Kansas City, Missouri, so long as such institution—

12 USC 248a. 12 USC 461.

12 USC 601604a, 611-631.

12 USC 1811 note.

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Page:United States Statutes at Large Volume 101 Part 1.djvu/586

 101 STAT. 556

PUBLIC LAW 100-86—AUG. 10, 1987

it /- Y •... •

"(i) engages only in trust, fiduciary, and agency activities in which it was lawfully engaged on March 5, 1987; "(ii) engages in such activities only at the same number of locations at which such activities were con' ducted on such date; "(iii) does not accept demand deposits other than demand deposits which are maintained by such institution in— "(I) a trust or fiduciary capacity; ': "(II) the institution's capacity as a custodian or it as a paying, transfer, shareholder servicing, securi./.;,. t ties clearing, escrow, or dividend disbursing agent; or "(III) any capacity which is incidental to the trust or fiduciary activities of the institution; '": >i:,. "(iv) does not engage in the business of making ^- ;'.- ' commercial loans; "(v) does not exercise discount or borrowing privi•>' leges pursuant to section 19(b)(7) of the Federal Reserve 12 USC 461. Act; and ... "(vi) is not directly or indirectly controlled by any company other than a company which directly or indirectly controlled such institution on March 5, 1987. "(J) A savings bank (as defined in section 3(g) of the Post, p. 563. - . Federal Deposit Insurance Act) which— "(i) is a n insured bank (as defined in section 3(h) of ' ', '' such Act); "(ii) is a subsidiary of the Great Western Financial
 * .TR

Corporation as a result of an approval in writing by the i -/ State bank supervisor of the State of New York before June 30, 1987; • "(iii) meets or exceeds the investment requirements which an insured institution must meet in order to be a qualified thrift lender under section 408(o) of the Post, p. 571. -. National Housing Act; and Isr "(iv) does not, directly, or through insurance products such savings bank receives from or provides to the '\ Great Western Finemcial Corporation, engage in the sale or underwriting of insurance, '." - except that this subparagraph shall cease to apply with 5 respect to such savings bank or any successor institution if any deposits of any other subsidiary or affiliate of the Great '"•' Western Financial Corporation which are subject to an assessment of an insurance premium under subsection (b) Post, p. 601. or (c) of section 404 of the National Housing Act are, directly or indirectly by any device whatsoever, transferred to or acquired by such savings bank or any successor institution which would have the effect of materially reducing such premium assessments. The exemption provided by r^v this subparagraph shall cease to apply if Great Western Financial Corporation uses such savings bank or any V.,.* successor institution as a vehicle to move such Corporation from Federal Savings and Loan Insurance Corporation
 * .i
 * ' f^tti insurance to Federal Deposit Insurance Corporation

insurance.

v^.-o *;,, ^.i*-^- .:;> i - v;-.:•;•,/

.-..I.'

••,.?

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Page:United States Statutes at Large Volume 101 Part 1.djvu/587

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 557

"(3) DISTRICT BANK.—The term 'District bank' means any bank operating under the Code of Law for the District of Columbia.". (2) AMENDMENT TO DEFINITION OF THRIFT INSTITUTION,—Sec-

tion 2(i) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(i)) is amended to read as follows: "(i) THRIFT INSTITUTION.—For purposes of this Act, the term 'thrift institution' means— "(1) any domestic building and loan or savings and loan association; "(2) any cooperative bank without capital stock organized and operated for mutual purposes and without profit; "(3) any Federal savings bank; and "(4) any State-chartered savings bank the holding company of which is registered pursuant to section 408 of the National Housing Act.". (3) ADDITIONAL DEFINITIONS.—Section

Post, p. 571.

2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841) is amended by adding a t the end thereof the following new subsections: "(j) INSURED INSTITUTION.—For purposes of this Act, the term 'insured institution' has the meaning given to such term in section 408(a)(l) of the National Housing Act. "(k) AFFIUATE.—For purposes of this Act, the term 'affiliate' means any company that controls, is controlled by, or is under common control with another company. "(1) SAVINGS BANK HOLDING COMPANY.—For purposes of this Act, the term 'savings bank holding company' means any company which controls one or more qualified savings banks if the aggregate total assets of such savings banks constitute, upon formation of the holding company and at all times thereafter, at least 70 percent of the total assets of such company. "(m) QUALIFIED SAVINGS BANK.—For purposes of this Act, the term 'qualified savings bank'— "(1) means any savings bank (as defined in section 3(g) of the Federal Deposit Insurance Act) which was organized on or Post, p. 563. before March 5, 1987; and "(2) includes any cooperative bank that is an insured bank (EIS defined in section 3(h) of the Federal Deposit Insurance Act) and any interim savings bank that is established to facilitate a corporate reorganization, or the formation of a holding company, involving a savings bank described in paragraph (1).". (b) IMMEDIATE DIVESTITURE REQUIREMENT.—Section 4(a)(2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(a)(2)) is amended by adding at the end thereof the following sentence: "Notwithstanding any other provision of this paragraph, if any company that became a bank holding company as a result of the enactment of the Competitive Equality Amendments of 1987 acquired, between March 5, 1987, and the date of the enactment of such Amendments, an institution that became a bank as a result of the enactment of such Amendments, that company shall, upon the enactment of such Amendments, immediately come into compliance with the requirements of this Act.". (c) CERTAIN COMPANIES NOT TREATED AS BANK HOLDING COMPANIES; LIMITATIONS ON CERTAIN BANKS.—Section 4 of the Bank

Holding Company Act of 1956 (12 U.S.C. 1843) is amended by adding at the end thereof the following new subsections:

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Page:United States Statutes at Large Volume 101 Part 1.djvu/588

 101 STAT. 558

PUBLIC LAW 100-86—AUG. 10, 1987

"(f) CERTAIN COMPANIES.—

q,.

COMPANIES

NOT

TREATED

AS

BANK

HOLDING

"(1) IN GENERAL.—Except as provided in paragraph (9), any company which— "(A) on March 5, 1987, controlled an institution which became a bank as a result of the enactment of the CompetiA} tive Equality Amendments of 1987; and "(B) was not a bank holding company on the day before the date of the enactment of the Competitive Equality Amendments of 1987, shall not be treated as a bank holding company for purposes of this Act solely by virtue of such company's control of such institution. "(2) Loss OF EXEMPTION.—Paragraph (1) shall cease to apply to any company described in such paragraph if— "(A) such company directly or indirectly— "(i) acquires control of an additional bank or an insured institution (other than an insured institution described in paragraph (10) of this subsection) after March 5, 1987; or

"(ii) acquires control of more than 5 percent of the shares or assets of an additional bank or an insured institution other than— "(I) shares acquired in a bona fide fiduciary capacity; "(II) shares held temporarily pursuant to an underwriting commitment in the normal course of an underwriting business; "(III) shares held in an account solely for trading purposes; "(IV) loans or other accounts receivable acquired .;. V in the normal course of business; and "(V) shares or assets of an insured institution described in paragraph (10) of this subsection; or "(B) any bank subsidiary of such company fails to comply with the restrictions contained in paragraph (3)(B). "(3) LIMITATION ON BANKS CONTROLLED BY PARAGRAPH COMPANIES.—

'

(D

"(A) FINDINGS.—The Congress finds that banks controlled by companies referred to in paragraph (1) may, because of relationships with affiliates, be involved in conflicts of interest, concentration of resources, or other effects adverse to bank safety and soundness, and may also be able to compete unfairly against banks controlled by bank holding companies by combining banking services with financial services not permissible for bank holding companies. The purpose of this paragraph is to minimize any such potential adverse effects or inequities by temporarily restricting the activities of banks controlled by companies referred to in paragraph (1) until such time as the Congress has enacted proposals to allow, with appropriate safeguards, all banks or bank holding companies to compete on a more equal basis with banks controlled by companies referred to in paragraph (1) or, alternatively, proposals to permanently restrict the activities of banks controlled by companies referred to in paragraph (1).

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Page:United States Statutes at Large Volume 101 Part 1.djvu/589

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 559

"(B) LIMITATIONS.—Until such time as the Congress has taken action pursuant to subparagraph (A), a bank controlled by a company described in paragraph (1) shall not— "(i) engage in any activity in which such bank was not lawfully engaged as of March 5, 1987; "(ii) offer or market products or services of an affiliate that are not permissible for bank holding companies to provide under subsection (c)(8), or permit its products or services to be offered or marketed by or through an affiliate (other than an affiliate that engages only in activities permissible for bank holding companies under subsection (c)(8)), unless such products or services were being so offered or marketed as of March 5, 1987, and then only in the same manner in which they were being offered or marketed as of that date; "(iii) after the date of the enactment of the Competitive Equality Amendments of 1987, permit any overdraft (including an intraday overdraft), or incur any such overdraft in such bank's account at a Federal Reserve bank, on behalf of an affiliate, other than an overdraft described in subparagraph (C); or "(iv) increase its assets at an annual rate of more than 7 percent during any 12-month period beginning after the end of the 1-year period beginning on the date of the enactment of the Competitive Equality Amendments of 1987. "(C) PERMISSIBLE OVERDRAFTS DESCRIBED.—For purposes of

subparagraph (B)(iii), an overdraft is described in this subparagraph if— "(i) such overdraft results from an inadvertent computer or accounting error that is beyond the control of both the bank and the affiliate; or "(ii) such overdraft— "(I) is permitted or incurred on behalf of an affiliate which is monitored by, reports to, and is recognized as a primary dealer by the Federal Reserve Bank of New York; and "(II) is fully secured, as required by the Board, by bonds, notes, or other obligations which are direct obligations of the United States or on which the principal and interest are fully guaranteed by the United States or by securities and obligations eligible for settlement on the Federal Reserve book entry system. "(4) DIVESTITURE IN CASE OF LOSS OF EXEMPTION.—If any company described in paragraph (1) loses the exemption provided under such paragraph by operation of paragraph (2), such company shall divest control of each bank it controls within 180 days after such company becomes a bank holding company due to the loss of such exemption. "(5)

SUBSECTION CEASES TO APPLY

UNDER

L

''

'

,, T J."

CERTAIN CIR-

CUMSTANCES.—This subsection shall cease to apply to any company described in paragraph (1) if such company— "(A) registers as a bank holding company under section 5(a) of this Act;

12 USC 1844.

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text: Dictionary of National Biography, 1885-1900/Patten, George


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Page:United States Statutes at Large Volume 101 Part 1.djvu/590

 101 STAT. 560

PUBLIC LAW 100-86—AUG. 10, 1987

'' 12 USC 1842.
 * i *

"(B) immediately upon such registration, complies with all of the requirements of this Act, and regulations prescribed by the Board pursuant to this Act, including the nonbanking restrictions of this section; and "(C) does not, at the time of such registration, control banks in more than one State, the acquisition of which would be prohibited by section 3(d) of this Act if an application for such acquisition by such company were filed under section 3(a) of this Act. "(6) INFORMATION REQUIREMENT.—Each company described in

Reports.

paragraph (1) shall, within 60 days after the date of enactment of the Competitive Equality Amendments of 1987, provide the Board with the name and address of such company, the name and address of each bank such company controls, and a description of each such bank's activities. "(7) EXAMINATION.—The Board may, from time to time, exam-ijs ine a company described in paragraph (1), or a bank controlled by such company, or require reports under oath from appropriate officers or directors of such company or bank solely for purposes of assuring compliance with the provisions of this subsection and enforcing such compliance. "(8) ENFORCEMENT.—

, -bii. i 12 USC 1818.

^, f ^.j^t

12 USC 1811 note. ^,.^^,

"(A) IN GENERAL.—In addition to any other power of the Board, the Board may enforce compliance with the provisions of this Act which are applicable to any company described in paragraph (1), and any bank controlled by such company, under section 8 of the Federal Deposit Insurance Act and such company or bank shall be subject to such section (for such purposes) in the same manner and to the same extent as if such company or bank were a State member insured bank. "(B) APPLICATION OF OTHER ACT.—Any violation of this Act by any company described in paragraph (1), and any bank controlled by such company, may also be treated as a violation of the Federal Deposit Insurance Act for purposes of subparagraph (A). "(C) N o EFFECT ON OTHER AUTHORITY.—No prOVision of

this paragraph shall be construed as limiting any authority of the Comptroller of the Currency or the Federal Deposit Insurance Corporation. "(9) TYING PROVISIONS.—A company described in paragraph

12 USC 19711978, 375b.

(1) shall be— "(A) treated as a bank holding company for purposes of section 106 of the Bank Holding Company Act Amendments "' V Qf j^gYO and section 22(h) of the Federal Reserve Act and any regulation prescribed under any such section; and (B) subject to the restrictions of section 106 of the Bank Holding dompany Act Amendments of 1970, in connection with any transaction involving the products or services of such company or affiliate and those of a bank affiliate, as if Lt!. a,, g^gjj company or affiliate were a bank and such bank were a subsidiary of a bank holding company. 5^:

"(10) EXEMPTION UNAFFECTED BY CERTAIN EMERGENCY ACQUISI-

in TiONS.—For purposes of clauses (i) and (ii)(V) of paragraph (2)(A), ,^ an insured institution is described in this paragraph if^ ' ' "(A) the insured institution was acquired (or any shares or assets of such institution were acquired) by a company

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Page:United States Statutes at Large Volume 101 Part 1.djvu/591

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 561

^

described in paragraph (1) in an acquisition under section 408(m) of the National Housing Act; and "(B) either— "(i) the insured institution is located in a State in S' which such company controlled a bank on March 5, ,,, ^^ ^ 1987; or "(ii) the insured institution has total assets of $500,000,000 or more at the time of such acquisition.

Post, p. 621.

\

"(g) LIMITATIONS ON CERTAIN BANKS.—

"(1) IN GENERAL.—Notwithstanding any other provision of ' ' this section (other than the last sentence of subsection (a)(2)), a bank holding company which controls an institution that ' '-" became a bank as a result of the enactment of the Competitive Equality Amendments of 1987 may retain control of such institution if such institution does not— "(A) engage in any activity after the date of the enactment of such Amendments which would have caused such • " institution to be a bank (as defined in section 2(c), as in effect before such date) if such activities had been engaged Ante, p. 554. in before such date; or ,_ "(B) increase the number of locations from which such institution conducts business after March 5, 1987. "(2)
 * i'

LIMITATIONS

CEASE

TO APPLY

UNDER

CERTAIN

CIR-

CUMSTANCES.—The limitations contained in paragraph (1) shall cease to apply to a bank described in such paragraph at such time as the acquisition of such bank, by the bank holding company referred to in such paragraph, would not be prohibited under section 3(d) of this Act if— 12 USC 1842. "(A) an application for such acquisition were filed under section 3(a) of this Act; and "(B) such bank were treated as an additional bank (under section 3(d)). "(h) TYING PROVISIONS.— "(1) APPLICABLE TO CERTAIN EXEMPT INSTITUTIONS AND PARENT

COMPANIES.—An institution described in subparagraph (D), (F), (G), (H), (I), or (J) of section 2(c)(2) shall be treated as a bank, and a company that controls such an institution shall be treated as a bank holding company, for purposes of section 106 of the Bank Holding Company Act Amendments of 1970 and section 22(h) of 12 USC the Federal Reserve Act and any regulation prescribed under 1971-1978. any such section. ^^ ^^^ ^'^^^• "(2) APPLICABLE WITH RESPECT TO CERTAIN TRANSACTIONS.—A

company that controls an institution described in subparagraph (D), (F), (G), (H), (I), or (J) of section 2(c)(2) and any of such company's other affiliates, shall be subject to the tying restrictions of section 106 of the Bank Holding Company Act Amendments of 1970 in connection with any transaction involving the products or services of such company or affiliate and those of such institution, as if such company or affiliate were a bank and such institution were a subsidiary of a bank holding company.", (d) SAVINGS BANK ACTIVITIES.—Section 3 of the Bank Holding Company Act of 1956 (12 U.S.C. 1842) is amended by adding at the end thereof the following new subsection: "(f) SAVINGS BANK SUBSIDIARIES OF BANK HOLDING COMPANIES.—

"(1) IN GENERAL.—Notwithstanding any other provision of this Act (other than paragraphs (2) and (3)), any qualified savings bank which is a subsidiary of a bank holding company

Post, p. 579.

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Page:United States Statutes at Large Volume 101 Part 1.djvu/592

 101 STAT. 562

12 USC 1843. State and local governments.

PUBLIC LAW 100-86—AUG. 10, 1987

which such savings bank may engage (as a State chartered savings bank) pursuant to express, incidental, or implied powers under any statute or regulation, or under any judicial interpretation of any law, of the State in which such savings bank is located. % "(2) INSURANCE ACTIVITIES.—Except as provided in paragraph ^,: (3), any insurance activities of any qualified savings bank which is a subsidiary of a bank holding company shall be limited to insurance activities allowed under section 4(c)(8). "(3) SAVINGS BANK LIFE INSURANCE.—Any qualified savings
 * may engage, directly or through a subsidiary, in any activity in

, Connecticut. Massachusetts. New York.

jv.,. ..—

I) isfki

bank permitted, as of March 5, 1987, to engage in the sale or underwriting of savings bank life insurance may sell or underwrite such insurance after such savings bank is a subsidiary of a bank holding company if— "(A) the savings bank is located in the State of Connecticut, Massachusetts, or New York; "(B) such activity is expressly authorized by the law of the State in which such savings bank is located; "(C) the savings bank retains its character as a savings "(D) such activity is carried out by the savings bank directly and not by— "(i) any subsidiary or affiliate of the savings bank; or "(ii) the bank holding company which controls such savings bank; "(E) such activity is carried out by the savings bank in accordance with any residency or employment limitations > set forth in the savings bank life insurance statute in effect, on March 5, 1987, in the State in which such bank is
 * . bank;

KI>II ' 4 located; and

T,-

"(F) such activity is otherwise carried out in the same manner as savings bank life insurance activity is carried » out in the State in which such bank is located by savings banks which are not subsidiaries of any bank holding company registered under this Act. "(4) SUBSECTION SHALL CEASE TO APPLY UNDER CERTAIN CIR-

CUMSTANCES.—If any company which is not a savings bank or a savings bank holding company acquires control of a qualified savings bank, such savings bank shall cease to engage in any activity authorized under paragraph (1) or (3) before the end of the 2-year period beginning on the date such company acquires control, unless such activity is otherwise authorized pursuant to this Act. "(5) SPECIAL ASSET AGGREGATION RULE FOR PURPOSES OF PARAGRAPH (3).—For the sole purpose of determining whether a

qualified savings bank may continue to sell and underwrite savings bank life insurance in accordance with this subsection after control of such savings bank is acquired by a bank holding company, the assets of any other bank affiliated with, or under contract to affiliate with, such savings bank as of March 5, 1987, shall be treated as assets of the savings bank in determining whether such bank holding company is a savings bank holding company.". (e) THRIFT INSTITUTIONS' BANK.—Section 2(a)(5)(E) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(a)(5)(E)) is amended to read as follows:

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text: Dictionary of National Biography, 1885-1900/Patten, Robert


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Page:United States Statutes at Large Volume 101 Part 1.djvu/593

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 563

"(E) No company is a bank holding company by virtue of its ownership or control of any State-chartered bank or trust company which— "(i) is wholly owned by thrift institutions or savings banks; and "(ii) is restricted to accepting— "(I) deposits from thrift institutions or savings banks; "(II) deposits arising out of the corporate business of the thrift institutions or savings banks that own the bank or trust company; or "(III) deposits of public moneys.". (f) EFFECT ON STATE AUTHORITY TO REGULATE.—Section 7 of

the

Bank Holding Company Act of 1956 (12 U.S.C. 1846) is amended— (1) by striking out "The enactment by the Congress of the Bank Holding Company Act of 1956 shall not" and inserting in lieu thereof "No provision of this Act shall"; and (2) by inserting "companies," before "banks". (g) AMENDMENT TO FEDERAL DEPOSIT INSURANCE ACT.—

(1) IN GENERAL.—Section 3(g) of the Federal Deposit Insurance Act (12 U.S.C. 1813(g)) is amended to read as follows: "(g) SAVINGS BANK.—The term 'savings bank' means a bank (including a mutual savings bank) which transacts its ordinary banking business strictly as a savings bank under State laws imposing special requirements on such banks governing the manner of investing their funds and of conducting their business.". (2) TECHNICAL AND CONFORMING AMENDMENT.—Section

27(a)

of the Federal Deposit Insurance Act is amended by striking out "and insured mutual savings banks". (h) 1987 AMENDMENT TRANSITION RULE.— (1) DELAY IN APPLICATION OF AMENDMENT TO CERTAIN INSTITU-

12 USC 1831d. 12 USC 1841 note.

TIONS.—If^

(A) on March 5, 1987, an institution was not a bank (as defined in section 2(c) of the Bank Holding Company Act of Ante, p. 554. 1956), as in effect on such date; and (B) any person which had a controlling interest in such institution on March 5, 1987, made a public announcement before such date that the trsinsfer or other disposition of such person's controlling interest in such institution was being considered, the institution shall not become a bank (for purposes of the Bank Holding Company Act of 1956) due to the amendment 12 USC 1841 made to such section 2(c) by this section before the date on note. which such institution fails to meet any requirement of paragraph (2). (2)

REQUIREMENTS FOR APPLICATION OF SUBSECTION.—This

subsection shall not apply with respect to any institution described in paragraph (1) unless— (A) the transfer or other disposition of the controlling interest referred to in such paragraph is completed, or an agreement to make such transfer or other disposition is in effect (or is subject only to final approval by the appropriate Federal and State regulatory agencies), before the end of J;. the 180-day period beginning on the date of the enactment of this title; ,. (B) a written notice by the person acquiring a controlling interest in such institution (pursuant to the transfer or

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 101 STAT. 564

PUBLIC LAW 100-86—AUG. 10, 1987

other disposition described in subparagraph (A)) of such person's intention to operate such institution as an institution described in section 2(c)(2)(F) of the Bank Holding '*^''^ Company Act of 1956, as in effect after the enactment of this title is filed with the Board before the end of the 7-day period beginning on the later of the date of such transfer (or other disposition) or the date of the enactment of this title; and (C) the operation of such institution as an institution described in such section 2(c)(2)(F) begins before the end of the 180-day period beginning on the date the transfer (or other disposition) described in subparagraph (A) is completed. (3) CoNTROLUNG INTEREST.—For purposes of this subsection, a person has a controlling interest in any institution if such person controls— (A) such institution; or (B) any company which controls such institution, as determined in accordance with the provisions of subsections (b) and (g) of section 2 of the Bank Holding Company Act of

Ante, p. 554.

1956.

^

SEC. 102. AMENDMENTS TO THE FEDERAL RESERVE ACT.

(a) IN GENERAL.—The Federal Reserve Act is amended by inserting after section 23A the following: ' ^^

"

'

12 USC 371C-1.

'

^ ^^*

-

i:

^ "

'

• '

"RESTRICTIONS ON TRANSACTIONS WITH AFFILIATES

23B. (a) IN GENERAL.— "(1) TERMS.—A member bank and its subsidiaries may engage in any of the transactions described in paragraph (2) only— "(A) on terms and under circumstances, including credit V- •• standards, that are substantially the same, or at least as favorable to such bank or its subsidiary, as those prevailing at the time for comparable transactions with or involving other nonaffiliated companies, or "(B) in the absence of comparable transactions, on terms ^ and under circumstances, including credit standards, that in good faith would be offered to, or would apply to, nonaffiliated companies. "SEC.

"(2) TRANSACTIONS COVERED.—Paragraph (1) applies to

the

following: "(A) Any covered transaction with an affiliate. "(B) The sale of securities or other assets to an affiliate, aifff including assets subject to an agreement to repurchase. 'A "(C) The payment of money or the furnishing of services to an affiliate under contract, lease, or otherwise. "(D) Any transaction in which an affiliate acts as an agent or broker or receives a fee for its services to the bank or to any other person. "(E) Any transaction or series of transactions with a third party— "(i) if an affiliate has a financial interest in the third party, or i:.; I'Tf ^: "(ii) if an affiliate is a participant in such transaction ^^' *•or series of transactions.

�


text: Dictionary of National Biography, 1885-1900/Patten, Thomas


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101 STAT. 565

"(3) TRANSACTIONS THAT BENEFIT AN AFFIUATE.—For the purpose of this subsection, any transaction by a member bank or its subsidiary with any person shall be deemed to be a transaction with an affiliate of such bank if any of the proceeds of the transaction are used for the benefit of, or transferred to, such affiliate. "G)) PROHIBITED TRANSACTIONS.—

"(1) IN GENERAL.—A member bank or its subsidiary— "(A) shall not purchase as fiduciary any securities or other assets from any affiliate unless such purchase is permitted— "(i) under the instrument creating the fiduciary ^''^ relationship, "(ii) by court order, or ^'^**"(iii) by law of the jurisdiction governing the fiduciary relationship; and "(B) whether acting as principal or fiduciary, shall not '^'"^^ knowingly purchase or otherwise acquire, during the existence of any underwriting or selling syndicate, any security if a principal underwriter of that security is an affiliate of such bank. "(2) EXCEPTION.—Subparagraph (B) of paragraph (1) shall not apply if the purchase or acquisition of such securities has been approved, before such securities are initially offered for sale to the public, by a majority of the directors of the bank who are not officers or employees of the bank or any affiliate thereof. "(3) DEFINITIONS.—For the purpose of this subsection— "(A) the term 'security' has the meaning given to such term in section 3(a)(10) of the Securities Exchange Act of 1934; and "(B) the term 'principal underwriter' means any underwriter who, in connection with a primary distribution of g<^{. securities— "(i) is in privity of contract with the issuer or an affiliated person of the issuer; "(ii) acting alone or in concert with one or more other persons, initiates or directs the formation of an underwriting syndicate; or "(iii) is allowed a rate of gross commission, spread, or other profit greater than the rate allowed another underwriter participating in the distribution. "(c) ADVERTISING RESTRICTION.—A member bank or any subsidiary or affiliate of a member bank shall not publish any advertisement or enter into any agreement stating or suggesting that the bank shall in any way be responsible for the obligations of its affiliates. "(d) DEFINITIONS.—For the purpose of this section— "(1) the term 'affiliate' has the meaning given to such term in section 23A (but does not include any company described in section (b)(2) of such section or any bank); "(2) the terms 'bank', 'subsidiary', 'person', and 'security' (other than security as used in subsection (b)) have the meanings given to such terms in section 23A; and "(3) the term 'covered transaction' has the meaning given to such term in section 23A (but does not include any transaction which is exempt from such definition under subsection (d) of such section).

ift

.qq

15 USC 78c.

., /. j,•__,

12 USC 37ic

"^ ^" ^ ' •'- -"'

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 101 STAT. 566

PUBLIC LAW 100-86—AUG. 10, 1987

"(e) REGULATIONS.—The Board may prescribe regulations to administer and carry out the purposes of this section, including— "(1) regulations to further define terms used in this section; and "(2) regulations to— "(A) exempt transactions or relationships from the requirements of this section; and "(B) exclude any subsidiary of a bank holding company from the definition of affiliate for purposes of this section, if the Board finds such exemptions or exclusions are in the public interest and are consistent with the purposes of this section.". (b) CONFORMING AMENDMENTS.—Section 18(j) of the Federal De-

posit Insurance Act (12 U.S.C. 18280')) is hereby amended— (1) by inserting "and section 23B" after "section 23A" at each place it appears in paragraph (1); and (2) by inserting ", 23B,^' after "23A" in paragraph (3)(A). (c) TREATMENT OF EDGE ACT AND AGREEMENT CORPORATIONS FOR PURPOSES OF THE BANK HOLDING COMPANY ACT.—

12 USC 611-631.

Ante, pp. 554, 557. 12 USC 1841 note. Ante, p. 561; post, p 579. 12 USC 619 note

Ante, p. 557.

(1) IN GENERAL.—The paragraph of section 25(a) of the Federal Reserve Act which begins "Except as otherwise provided in this section, a majority" (the 11th full paragraph) (12 U.S.C. 619) is amended by adding at the end thereof the following: "Any company, other than a bank as defined in section 2 of the Bank Holding Company Act of 1956, that after March 5, 1987, directly or indirectly acquires control of a corporation organized or operating under the provisions of this section or section 25 shall be subject to the provisions of the Bank Holding Company Act of 1956 in the same manner and to the same extent that bank holding companies are subject thereto, except that such company shall not by reason of this paragraph be deemed a bank holding company for the purpose of section 3 of the Bank Holding Company Act of 1956.". (2) EXCEPTION.—The amendment made by paragraph (1) does ^°* ^PPly to ^n acquisition pursuant to the application by Midland Bank, pic, London, England, pending before the Board of Governors of the Federal Reserve System on July 1, 1987, to acquire a corporation organized or operating under section 25(a) of the Federal Reserve Act. If Midland Bank, pic, London, England, is not otherwise subject to section 4 of the Bank Holding Company Act of 1956, the financial activities of Midland Bank, pic, London, England, in the United States shall, upon the determination of the Board of Governors of the Federal Reserve System made at any time, be subject to section 4 of the Bank Holding Company Act of 1956. SEC. 103. SECURITIES AFFILIATIONS OF NONMEMBER INSURED BANKS.

,;

(a) IN GENERAL.—Section 18(j) of the Federal Deposit Insurance Act (12 U.S.C. 1828(j)) is amended by redesignating paragraph (3) (as amended by section 102(b)(2)) and paragraph (4) as paragraphs (4) and (5), respectively, and by inserting after paragraph (2) the following new paragraph: "(3) SECURITIES AFFIUATIONS OF INSURED NONMEMBER BANKS.—

12 USC 377. 12 USC 78.

"(A) IN GENERAL.—The provisions of section 20 of the Banking Act of 1933 (relating to affiliations between member banks and organizations engaged principally in certain securities activities), and the provisions of section 32 of the Banking Act of 1933

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101 STAT. 567

(relating to certain officer, director, or employee relationships involving a member bank and a person or organization primarily engaged in certain securities activities) shall apply to every insured nonmember bank in the same manner and to the same extent as if such insured nonmember bank were a member bank. "(B) CONTINUATION OF CERTAIN AFFILIATIONS.—This paragraph shall not prohibit the continuation of such an affiliation or relationship which commenced before March 5, 1987, or the establishment of such an officer, director, or employee relationship in connection with any affiliation established before March 5, 1987. "(C) 2-YEAR PERIOD.—An affiliation or officer, director, or employee relationship that becomes unlawful as a result of the enactment of this paragraph may continue for a period of 2 years after the date of enactment of this paragraph. "(D) FOREIGN BANKS.—The provisions of this paragraph shall not apply to any foreign bank, as defined in section 1(b)(7) of the International Banking Act of 1978, solely because it has an insured branch in the United States, except that the provisions of section 32 of the Banking Act of 1933 shall apply to an insured branch as if it were an insured bank. "(E) EXCEPTIONS.—The provisions of this paragraph shall not apply to any institution described in subparagraph (D), (F), or (I) of section 2(c)(2) of the Bank Holding Company Act of 1956. "(F) APPLICABILITY.—This paragraph shall apply during the period beginning on March 6, 1987, and ending on March 1, 1988.". (b) TECHNICAL AND CONFORMING AMENDMENT.—Section 18(j)(4)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1828(j)) (as redesignated by subsection (a)) is amended by inserting "or any provision of section 20 of the Banking Act of 1933," after "or any lawful regulation issued pursuant thereto,".

12 USC 3101. 12 USC 78.

Ante, p. 554.

12 USC 377.

SEC. 104. AMENDMENTS TO SAVINGS AND LOAN HOLDING COMPANY PROVISIONS OF THE NATIONAL HOUSING ACT.

(a) DEFINITIONS.—Section 408(a)(1) of the National Housing Act (12 U.S.C. 1730a(a)(l)) is amended— (1) by striking out "and" at the end of subparagraph (I); (2) by striking out the period at the end of subparagraph (J) and inserting in lieu thereof a semicolon; and (3) by adding at the end thereof the following new subparagraphs: "(K) the terms 'bank holding company' and 'bank' have the meanings given to such terms in subsections (a) and (c), respectively, of section 2 of the Bank Holding Company Act of 1956; and Ante, pp. 554, "(L) the term 'acquire' has the meaning given to such 557. term in section 13(f)(8)(E) of the Federal Deposit Insurance Act.". HOLDING COMPANY ACTIVITIES.—Section

(b) 408(c) of the National Housing Act (12 U.S.C. 1730a(c)) is amended to read as follows: "(c) HOLDING COMPANY ACTIVITIES.— "(1) PROHIBITED ACTIVITIES.—Except as otherwise provided in

this subsection, no savings and loan holding company and no subsidiary (of such company) which is not an insured institution shall—

12 USC 1823.

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 101 STAT. 568

PUBLIC LAW 100-86—AUG. 10, 1987

"(A) engage in any activity or render any service for or on •j^* behalf of an insured institution subsidiary for the purpose ' or with the effect of evading any law or regulation applicable to such insured institution; "(B) commence any business activity, other than the activities described in paragraph (2), after the date of the enactment of the Competitive Equality Amendments of 1987; or "(C) continue any business activity, other than the activi^.,. ties described in paragraph (2), after the later of^ "(i) the end of the 2-year period beginning on the date jj, of the enactment of the Competitive Equality Amend3yi * ments of 1987; or '[n:;, "(ii) the date on which such company received approval under subsection (e) of this section to become a savings and loan holding company, "(2) EXEMPT ACTIVITIES.—The prohibitions of subparagraphs ,)ti),? (B) and (C) of paragraph (1) shall not apply to the following business activities of any savings and loan holding company or ^ •; /' any subsidiary (of such company) which is not an insured institution: "(A) Furnishing or performing management services for an insured institution subsidiary of such company. "(B) Conducting an insurance agency or escrow business. "(C) Holding, managing, or liquidating assets owned or ' " acquired from an insured institution subsidiary of such company. "(D) Holding or managing properties used or occupied by an insured institution subsidiary of such company. "(E) Acting as trustee under deed of trust. li ' "(F) Any other activity— "(i) which the Board of Governors of the Federal ', Reserve System, by regulation, has determined to be permissible for bank holding companies under section 12 USC 1843. v.; 4(c) of the Bank Holding Company Act of 1956, unless the Corporation, by regulation, prohibits or limits any .?. such activity for savings and loan holding companies; .r1 or "(ii) in which multiple savings and loan holding ..» =,,. companies were authorized (by regulation) to directly engage on March 5, 1987. "(3) CERTAIN LIMITATIONS ON ACTIVITIES NOT APPLICABLE TO CERTAIN HOLDING COMPANIES.—Notwithstanding paragraphs (4)

.,.

., '}.

Post, p. 613.

and (6) of this subsection, the limitations contained in subparagraphs (B) and (C) of paragraph (1) shall not apply to any savings and loan holding company (or any subsidiary of such company) which controls— "(A) only 1 insured institution, if the insured institution subsidiary of such company is a qualified thrift lender (as determined under subsection (o)); or "(B) more than 1 insured institution, if— .n;>? ^ "(i) all, or all but 1, of the insured institution subsidi• ' aries of such company were acquired pursuant to an • acquisition under subsection (m) of this section or section 406(f); and

�


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101 STAT. 569

"(ii) all of the insured institution subsidiaries of such company are qualified thrift lenders (as determined under subsection (o)). "(4) PRIOR APPROVAL OF CERTAIN NEW ACTIVITIES REQUIRED.—

"(A) IN GENERAL.—No savings and loan holding company and no subsidiary (of such company) which is not an insured institution shall commence, either de novo or by an acquisition (in whole or in part) of a going concern, any activity described in paragraph (2)(F)(i) of this subsection without the prior approval of the Corporation. "(B) FACTORS TO BE CONSIDERED BY CORPORATION.—In

considering any application under subparagraph (A) by any savings and loan holding company or any subsidiary of any such company which is not an insured institution, the Corporation shall consider— "(i) whether the performance of the activity described in such application by the company or the subsidiary can reasonably be expected to produce benefits to the public (such as greater convenience, increased competition, or gains in efficiency) that outweigh possiJ)le adverse effects of such activity (such as undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound financial practices); "(ii) the mafiagerial resources of the companies involved; and "(iii) the adequacy of the financial resources, including capital, of the companies involved. "(C) CORPORATION MAY DIFFERENTIATE BETWEEN NEW AND ONGOING ACTIVITIES.—In prescribing any regulation or

considering any application under this paragraph, the Corporation may differentiate between activities commenced de novo and activities commenced by the acquisition, in whole or in part, of a going concern. "(D) APPROVAL OR DISAPPROVAL BY ORDER.—The approval

or disapproval of any application under this paragraph by the Corporation shall be made in an order issued by the Corporation containing the reasons for such approval or disapproval. "(5) GRACE PERIOD TO ACHIEVE COMPUANCE.—If any insured

institution referred to in paragraph (3) fails to maintain the status of such institution as a qualified thrift lender, the Corporation may allow, for good cause shown, any company which controls such institution (or any subsidiary of such company which is not an insured institution) up to 3 years to comply with the limitations contained in paragraph (1)(C). "(6) SPECIAL PROVISIONS RELATING TO CERTAIN COMPANIES AFFECTED BY 1987 AMENDMENTS.— "(A) EXCEPTION TO 2-YEAR GRACE PERIOD FOR ACHIEVING

COMPLIANCE.—Notwithstanding paragraph (l)(C)(i), any company which received approval under subsection (e) of this section to acquire control of an insured institution between March 5, 1987, and the date of the enactment of the Competitive Equality Amendments of 1987 shall not continue any business activity other than the activities described in paragraph (2) after such date of enactment.

' f}',^^ \;^

�


text: Dictionary of National Biography, 1885-1900/Pattenson, Matthew


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 101 STAT. 570

PUBLIC LAW 100-86—AUG. 10, 1987

i'!, V

^

"(B) EXEMPTION FOR ACTIVITIES LAWFULLY ENGAGED IN

BEFORE MARCH 5, 1987.—Notwithstanding paragraph (1)(C) and subject to subparagraphs (C) and (D), any savings and loan holding company which received approval, before March 5, 1987, under subsection (e) of this section to acquire control of an insured institution may engage, directly or through any subsidiary (other than an insured institution subsidiary of such company), in any activity in which such company or such subsidiary was lawfully engaged on such date. "(C) TERMINATION OF SUBPARAGRAPH (B) EXEMPTION.—

Post, p. 613.

26 USC 7701. 100 Stat. 2095.

The exemption provided under subparagraph (B) for activities engaged in by any savings and loan holding company or a subsidiary of such company (which is not an insured institution) which would otherwise be prohibited under paragraph (1)(C) shall terminate with respect to such activities of such company or subsidiary upon the occurrence (after the date of the enactment of the Competitive Equality Amendments of 1987) of any of the following: "(i) The savings and loan holding company acquires control of a bank or an additional insured institution (other than an insured institution acquired pursuant to subsection (m) of this section or section 406(0). "(ii) Any insured institution subsidiary of the savings and loan holding company fails to qualify as a domestic building and loan association under section 7701(a)(19) >-^.. of the Internal Revenue Code of 1986. "({{{) The savings and loan holding company engages ...;, in any business activity— "(I) which is not described in paragraph (2); and "(II) in which it was not engaged on March 5, 1987. "(iv) Any insured institution subsidiary of the savings and loan holding company increases the number of locations from which such insured institution conducts business after March 5, 1987 (other than an increase which occurs in connection with a transaction under subsection (m) of this section or section 406(f)). "(v) Any insured institution subsidiary of the savings and loan holding company permits any overdraft (including an intraday overdraft), or incurs any such overdraft in its account at a Federal Reserve bank, on behalf of an affiliate, unless such overdraft is the result of an inadvertent computer or accounting error that is beyond the control of both the insured institution ' subsidiary and the affiliate. "(D) ORDER BY CORPORATION TO TERMINATE SUBPARAGRAPH (B) ACTIVITY.—Any activity described in subparagraph (B) may also be terminated by the Corporation, after oppor" ^ tunity for hearing, if the Corporation determines, having due regard for the purposes of this title, that such action is necessary to prevent conflicts of interest or unsound practices or is in the public interest. "(7) FOREIGN SAVINGS AND LOAN HOLDING COMPANY.—Notwith-

standing any other provision of this section, any savings and loan holding company organized under the laws of a foreign country as of June 1, 1984 (including any subsidiary thereof

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 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 571

which is not an insured institution), which controls a single insured institution on the date of enactment of the Competitive Equality Amendments of 1987 shall not be subject to this subsection with respect to any activities of such holding company which are conducted exclusively in a foreign country.", (c) REQUIREMENTS LENDER.—

FOR TREATMENT

AS A QUALIFIED

THRIFT

(1) IN GENERAL.—Section 408 of the National Housing Act (12 U.S.C. 1730a) is amended by adding at the end thereof the following new subsection: "(o) QUALIFIED THRIFT LENDER REQUIREMENTS.—

"(1) IN GENERAL.—Except as provided in paragraphs (2) and (3), any insured institution shall have the status of a qualified thrift lender if— "(A) the qualified thrift investments of such insured institution equal or exceed 60 percent of the total tangible assets of such institution; and "(B) the qualified thrift investments of such insured institution continue to equal or exceed 60 percent of the total tangible assets of such institution on an average basis in 3 out of every 4 quarters and 2 out of every 3 years.

^

"(2) TRANSITION RULE FOR CERTAIN INSTITUTIONS.—

- •

"(A) IN GENERAL.—If any insured institution— "(i) which was chartered as a savings bank or a cooperative bank under State law before October 15, 1982; or "(ii) the principal assets of which were acquired from an institution which was chartered as a savings bank or a cooperative bank under State law before October 15, 1982, meets the requirements of subparagraph (B), such insured institution shall be treated as a qualified thrift lender during the 10-year period beginning on January 1, 1988. "(B)

'

SUBPARAGRAPH

(B)

REQUIREMENTS.—An

insured

institution meets the requirements of this subparagraph if, in the determination of the Corporation— "(i) the actual thrift investment percentage of such institution does not, after the date of the enactment of the Competitive Equality Amendments of 1987, decrease below the actual thrift investment percentage of such institution on such date of enactment; and "(ii) the amount by which— "(I) the actual thrift investment percentage of such institution at the end of each period described in the following table, exceeds "(II) the actual thrift investment percentage of such institution on such date of enactment, is equal to or greater than the applicable percentage (as determined under the following table) of the amount by which 60 percent exceeds the actual thrift investment percentage of such institution on such date of enactment:

"For the following period: The 2V'2-year period beginning on such date of enactment The 5-year period beginning on such date of enactment The 7y2-year period beginning on such date of enactment

The applicable percentage is: 25 percent 50 percent 75 percent

'

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 101 STAT. 572

PUBLIC LAW 100-86—AUG. 10, 1987 "(3) EXCEPTIONS GRANTED BY CORPORATION.—Notwithstanding

paragraph (1), the Corporation may grant such temporary and limited exceptions from the minimum actual thrift investment percentage requirement contained in such paragraph as the Corporation deems necessary if— "(A) the Corporation determines that extraordinary circumstances exist, such as when the effects of high interest
 * I..

rates reduce mortgage demand to such a degree that an .>-:* insufficient opportunity exists for an insured institution to meet such investment requirements; or "(B) the Corporation determines that— "(i) the grant of any such exception will facilitate an Post, pp. 613,575. acquisition under section 406(f) or 408(m); and "(ii) the acquired institution will comply with the rv transition requirements of paragraph (2)(B). "(4) FAILURE TO MAINTAIN QTL STATUS.—Any insured institution which fails to maintain its status as a qualified thrift lender, as determined by the Corporation, may not thereafter be a qualified thrift lender for a period of 5 years. (5) DEFINITIONS.—For purposes of this subsection— "(A) ACTUAL THRIFT INVESTMENT PERCENTAGE.—The term 'actual thrift investment percentage' means the percentage determined by dividing— f "(i) the amount of the qualified thrift investments of v], an insured institution, by "(ii) the total amount of tangible assets of such insured institution. "(B) QuAUFiED THRIFT INVESTMENTS.—The term 'qualified thrift investments' means, with respect to any insured institution, the sum of— "(i) the aggregate amount of loans, equity positions, or securities held by the insured institution (or any subsidiary of such institution) which are related to domestic residential real estate or manufactured j ft;/, housing; "(ii) the value of property used by such institution or subsidiary in the conduct of the business of such institution or subsidiary; "(iii) subject to paragraph (6), the liquid assets of the type required to be maintained under section 5A of the 12 USC 1425a. Federal Home Loan Bank Act; and "(iv) subject to paragraph (6), 50 percent of the dollar amount of the residential mortgage loans originated by such insured institution or subsidiary and sold within 90 days of origination. "(6) LIMITATION ON TREATMENT OF CERTAIN ASSETS AS THRIFT

INVESTMENTS.—The aggregate amount of the assets described in clauses (iii) and (iv) of paragraph (5)(B) which may be taken into account in determining the amount of the qualified thrift investments of any insured institution shall not exceed the amount which is equal to 10 percent of the tangible assets of such institution. "(7) ADDITIONAL TRANSITION RULE.—The insured institution

described in subsection (r)(2)(C) shall be treated as a qualified

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101 STAT. 573

thrift lender during the 10-year period beginning on January 1, 1988, if the requirements of paragraph (2)(B) are met by such institution.". (2) EFFECTIVE DATE.—The amendment made by paragraph (1) shall take effect on January 1, 1988. (3) REGULATIONS.—The Federal Savings and Loan Insurance ^ Corporation shall prescribe, under the authority of section 408(h)(1) of the National Housing Act, regulations to carry out the provisions of the amendment made by paragraph (1) before January 1, 1988.

12 USC 1730a note. 12 USC 1730a note.

12 USC 1730a.

(d) TRANSACTIONS BETWEEN INSURED INSTITUTION SUBSIDIARIES AND CERTAIN AFFILIATES.—

(1) IN GENERAL.—Section 408 of the National Housing Act (12 U.S.C. 1730a(d)) is amended by adding after subsection (o) (as added by subsection (c) of this section) the following new subsection: "(p) RESTRICTIONS ON ACTIVITIES OF CERTAIN INSURED INSTITUTION SUBSIDIARIES.— "(1) TRANSACTIONS WITH CERTAIN AFFILIATES.—

ii)A,
 * r%^i

"(A) IN GENERAL.—Transactions between any insured i. ii institution subsidiary of a savings and loan holding company and any affiliate (of such insured institution subsidiary) which is engaged only in business activities described in subsection (c)(2)(F)(i)— "(i) shall not be subject to subsection (d); and "(ii) shall be subject to the limitations and prohibitions specified in sections 23A and 23B of the Federal Reserve Act in the same manner and to the same 12 USC 371c; extent as if such insured institution were a member ante, p. 564. bank. "(B) REGULATIONS.—The Corporation may prescribe regulations for the purpose of defining and clarifying the applicability of the limitations and prohibitions described in subparagraph (A). "(2) CROSS-MARKETING PRACTICES.—

1,, -'^ji

"(A) IN GENERAL.—Notwithstanding any other provision of this section, an insured institution subsidiary of a diversified savings and loan holding company may not offer or market products or services of an affiliate that are not permissible for bank holding companies to provide under section 4(c)(8) of the Bank Holding Company Act of 1956 or 12 USC 1843. permit its products or services to be offered or marketed by or through an affiliate (other than an affiliate that engages only in activities permissible for bank holding companies under section 4(c) of that Act), unless such products or services were being so offered or marketed as of March 5, 1987, and then only in the same manner in which they were being offered or marketed as of that date. "(B) EXCEPTION.—This paragraph shall not apply so as to prohibit an insured institution subsidiary of a diversified savings and loan holding company from offering or marketing the products or services of an affiliate or from permitting its products or services to be offered or marketed by or through an affiliate if— "(i) the savings and loan holding company is a reciprocal interinsurance exchange that acquired control of the insured institution before January 1, 1984; and

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