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94TH CONGRESS 1st Session

SENATE

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REPORT No. 94-410

RESPA AMENDMENTS

OCTOBER 6 (legislative day SEPTEMBER 11), 1975.-Order to be printed

Mr. PROXMIRE, from the Committee on Banking, Housing and
Urban Affairs, submitted the following

REPORT

[To accompany S. 2327]

The Committee on Banking, Housing and Urban Affairs, to which was referred the bill (S. 2327) having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass.

GENERAL STATEMENT

The bill suspends for a period of one year sections 4, 6, and 7 of the Real Estate Settlement Procedures Act (P.L. 93–533) which requires a complicated uniform settlement statement, a 12 day advanced disclosure of settlement costs by lenders, and a requirement, in some instances, of the disclosure of the previous selling price of existing real property. In addition, the bill will repeal section 121 (c) of the Truth in Lending Act which also requires a full statement of closing costs in connection with consumer and home morgtage lending.

In the past several months, most members of Congress have received a large volume of complaints from consumers, mortgage lenders, and other interested parties about the high cost, delay and red tape involved in complying with the foregoing provisions of the Real Estate Settlement Procedures Act. Most of the witnesses appearing before the Senate Banking, Housing and Urban Affairs Committee during the oversight hearings on the Real Estate Settlement Procedures Act held on September 15, 16, and 17, expressed dissatisfaction with the present Act and called for quick action to improve the situation. The one year suspension contained in the bill will bring immediate relief to both the home buyers and sellers and the affected industry from the unreasonable restrictions of the Real Estate Settlement Procedures Act and afford Congress sufficient time to work with the appropriate government agencies and interested parties to develop simplified procedures for the benefit of all involved in the real estate settlement

process. It is important to suspend these cumbersome procedures as quickly as possible to relieve the consumer from the delays in real estate settlements and the industry from the burdensome paper work.

ESTMATED COST OF THE LEGISLATION

In accordance with section 252 of the Legislative Reorganization Act of 1970, the Committee reports that no cost will be incurred in carrying out the bill.

CORDON RULE

In the opinion of the Committee, it is necessary to dispense with the requirements of subsection 4 of rule XXIX of the Standing Rules of the Senate in order to expedite the business of the Senate in connection with this report.

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S.R. 410

94TH CONGRESS 1st Session

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SENATE

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REPORT No. 94-412

PEACE CORPS AUTHORIZATION FOR FISCAL YEAR 1976 AND THE TRANSITION QUARTER

OCTOBER 7 (legislative day, SEPTEMBER 11), 1975.-Ordered to be printed

Mr. HUMPHREY, from the Committee on Foreign Relations,
submitted the following

REPORT

[To accompany H.R. 6334]

The Committee on Foreign Relations to which was referred the bill (H.R. 6334) to amend further the Peace Corps Act, having considered the same, reports favorably thereon with amendments and recommends that the bill as amended do pass.

PURPOSE

The basic purpose of H.R. 6334, as amended, is to authorize: (a) an appropriation of $80.826.000 to finance the operations of the Peace Corps during the fiscal year 1976; and (b) an appropriation of $25,729,000 for the transition quarter (July 1, 1976 through September 30, 1976). Other provisions of this legislation are designed: (a) to authorize an additional appropriation of up to $1 million for increases in salary, pay, retirement, or other employee benefits that may be authorized in fiscal year 1976 or the transition period; (b) to authorize the transfer of $315,000 from any sums appropriated to the Peace Corps for fiscal year 1976 to ACTION's readjustment allowance account at the Department of the Treasury in order to rectify an existing imbalance in that account for the period March 1, 1961 to February 28, 1973; (c) to forbit sex discrimination with respect to the enrollment and terms and conditions of service of volunteers; (d) to increase the readjustment allowance for all regular Peace Corps volunteers from $75 to $125 per month of service; and (e) to increase the stipend of the regular VISTA volunteer from $50 to $75 per month.

PEACE CORPS PROGRAM

On July 1, 1971, the Peace Corps became a part of ACTION, an agency established under Reorganization Plan No. 1. ACTION is made up of the Peace Corps, VISTA (Volunteers in Service to America), RSVP (Retired Senior Volunteer Program), ACE (Active Corps of Executives), FGP (Foster Grandparents Program), and other programs. ACTION has established three functional operating areas: International Operations (Peace Corps), Domestic Operations. and Support Programs. Funds for these programs are requested in two appropriations: (1) the Peace Corps, and (2) ACTION Domestice Programs. Each of these appropriations includes a share of the agency-wide Support Programs.

Recent requests, authorizations, appropriations and obligations follow:

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1 Total does not incljde $687,000 supplemental request for Government-wide January and October, 1974 Federal pay raises.

The following table gives the highlights of the Peace Corps programs for fiscal year 1976 and the transition period, together with the comparable estimates for fiscal year 1975 and the actual figures for fiscal year 1974:

PEACE CORPS PROGRAM HIGHLIGHTS-FISCAL YEAR 1976

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II. Volunteers and trainees:

1. Funds:

PEACE CORPS PROGRAM HIGHLIGHTS, FISCAL YEAR 1976

1974 actual

1975 estimate

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PEACE CORPS PROGRAM HIGHLIGHTS, TRANSITION PERIOD (JULY 1, TO SEPT. 30, 1976)

Amount (thousands)

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The funds requested for the Peace Corps reflect a decrease in the anticipated volunteer strength for fiscal year 1976 and an intensification of efforts to solicit and utilize host country contributors. However, this decrease is offset by unavoidable overseas cost increases anticipated in fiscal year 1976 because of inflation.

Funds requested for the transition period maintain, with minor exceptions, the fiscal year 1976 program level request. However, the Peace Corps obtains a large portion of its volunteers from the graduating classes of colleges and universities throughout the United States. The trainee input, therefore, takes place primarily during the June-July-August period. In addition, a large proportion of trainees are teachers who must begin Peace Corps training in June-July in order to be in the host country, ready to teach, in September.

The abnormally large trainee input and the higher costs associated with the July-August-September quarter have been a historical fact of Peace Corps operations. The transition period request is therefore more than one-fourth of the fiscal year 1976 request because it happens to occur when the Peace Corps has its maximum trainee input and associated costs.

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