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(11) To what extent are new kinds of financial institutions called for to specialize in investments in the ghetto? Can such
institutions be operated as subsidiaries of existing institutions? Testimony was heard from Federal agencies, private trade associations, individual economists and businessmen and groups concerned with inner city developments. A wide variety of suggestions for increasing the flow of credit into the ghetto were made and are under current evaluation.
FEDERAL RESERVE REPORT ON BANK CREDIT-CARD
AND CHECK-CREDIT PLANS
Hearings were held by the Subcommittee on Financial Institutions on October 9 and 10 on a Federal Reserve Board report dealing with Bank Credit Card and Check Credit Plans. The report was issued by the Federal Reserve Board in August of 1968 and included a detailed examination of the growing number of bank credit card and check credit plans. The principle conclusion of the report was that for the time being, legislation affecting bank credit card and check credit plans is unnecessary.
The purpose of the hearings was to examine the Federal Reserve Board's findings and to determine the viewpoints of those particularly concerned with the impact of credit cards on consumers. The hearings focused on two key issues:
(1) To what extent is the unsolicited distribution of credit cards adverse to the best interests of consumers? And,
(2) To what extent should more of the liability for the unauthorized use of credit cards be shifted to the issuer? Testimony was heard from Gov. Andrew F. Brimmer of the Board of Governors of the Federal Reserve System, who concluded that banks should not be prevented from sending unsolicited credit cards, but that some legislation shifting liability to the issuer may be desirable.
In addition, testimony was heard from Thomas L. Bailey, representing the American Bankers Association, Royal Jackson, Chief of the Bankruptcy Division of the U.S. Courts, Betty Furness, Special Assistant to the President for Consumer Affairs, and two law school experts on credit cards, Prof. William Willier of Boston College and Prof. Eric Bergsten of the University of Iowa. The recommendations advanced at the hearings are under current evaluation.
JOINT ECONOMIC COMMITTEE
AUTHORIZING THE JOINT ECONOMIC COMMITTEE
TO STUDY PROGRAMS FOR BALANCED ECONOMIC DEVELOPMENT
[S. Con. Res. 33] To express the sense of the Congress that the Joint Economic Committee should
include within its investigations an analysis of the growth and movement of population in the United States
PURPOSE OF THE RESOLUTION The purpose of Senate Concurrent Resolution 33 is to authorize the Joint Economic Committee to investigate and analyze the distribution of population between rural and urban areas.
HISTORY OF THE RESOLUTION
Senate Concurrent Resolution 33 was introduced by Senator Proxmire on July 13, 1967. On January 23, 1968, the Senate Committee on Banking and Currency reported favorably on the resolution, and on January 24, 1968, it was passed by the Senate. The resolution was referred to the House Committee on Rules on January 25, 1968.
DIGEST OF THE RESOLUTION
Senate Concurrent Resolution 33 authorizes the Joint Economic Committee to study the distribution of population between urban and rural areas of the United States. The study would focus on
(1) Factors affecting industrial location;
(2) The extent to which industry can operate efficiently in rural areas, and the extent to which new industry creates additional social and economic problems in urban centers;
(3) The extent to which greater population density reduces efficiency in providing public services;
(4) The extent to which a better geographic balance in future economic growth would serve the public interest; and
(5) Methods for encouraging a better balanced economic development.
EXTENSION OF THE DEFENSE PRODUCTION ACT
[S. 3097; H.R. 17268]
[Public Law 90—370, approved July 1, 1968]
HISTORY OF LEGISLATION
S. 3097 was introduced by Senator Sparkman on March 5, 1968. A companion bill, H.R. 15683, was introduced in the House by Congressman Patman, for himself and Congressman Gonzalez, on February 29, 1968. Hearings were held by the House Banking and Currency Committee on H.R. 15683 on April 10 and 11, 1968. A clean bill, H.R. 17268, was reported by the House Banking and Currency Committee on May 23, 1968 (H. Rept. 1455). H.R. 17268 passed the House on June 4, 1968. Hearings were held on S. 3097 on June 18, 1968, by the Senate Banking and Currency Committee. The Senate Banking and Currency Committee reported H.R. 17268, with an amendment, on June 25, 1968 (S. Rept. 1322). H.R. 17268 passed the Senate, with an amendment, on June 26, 1968. On June 27, 1968, the House concurred in the Senate amendments. The bill was approved by the President on July 1, 1968, becoming Public Law 90-370.
DIGEST OF STATUTE
Section 1 of Public Law 90–370 extends the Defense Production Act of 1950 for 2 years, from the present expiration date, June 30, 1968, to June 30, 1970.
Section 2 of Public Law 90—370 amends the Defense Production Act by increasing the amount available for appropriations for the Joint Committee on Defense Production from $85,000 to $100,000.
Section 3 of Public Law 90-370 directs the Comptroller General, in cooperation with the Secretary of Defense and the Director of the Bureau of the Budget, to conduct a study to determine the feasibility of applying uniform accounting standards to be used on all negotiated defense prime contracts and subcontracts of $100,000 or more. The results of such a study are to be reported to the House and Senate Banking and Currency Committees within 18 months.
EAST-WEST TRADE POLICY
[S.J. Res. 169]
To express the sense of Congress in favor of expansion of East-West trade.
HISTORY OF LEGISLATION
S.J. Res. 169 was introduced on May 9, 1968, by Senator Mondale. Hearings were held by the Subcommittee on International Finance on June 4, 13, 27, and July 17, 24, and 25, 1968. No further action was taken on the resolution.
DIGEST OF THE RESOLUTION
The resolution would express the sense of the Congress that the Export Control Act regulations and the Export-Import Bank financing restrictions should be examined and modified to promote the best interest of the United States by permitting an increase in trade in peaceful goods between the United States and the nations of Eastern Europe.
EXPORT-IMPORT BANK LOANS TO IMPROVE BALANCE
[Public Law 90–390, approved July 7, 1968) To enable the Export-Import Bank of the United States to approve extension of
certain loans, guarantees, and insurance in connection with exports from the United States in order to improve the balance of payments and foster the longterm commercial interests of the United States
HISTORY OF LEGISLATION
S. 3218 was introduced March 22, 1968, by Senator Sparkman, for himself and other Senators. Hearings were held by the Senate Committee on Banking and Currency on April 5, 1968. Senator Muskie reported the bill (without amendments) to the Senate (S. Rept. 1100) on May 1, 1968. Š. 3218 was indefinitely postponed by the Senate on June 18, 1968.
H.R. 16162, a companion bill, was introduced in the House on March 25, 1968, and was reported by the House Banking and Currency Committee on May 27, 1968 (H. Rept. 1476). H.R. 16162 was passed by the House June 12, 1968. On June 18, 1968, H.R. 16162 was. amended and passed by the Senate. The House concurred in the Senate amendments on June 24, 1968. H.R. 16162, as amended, became Public Law 90–390 when signed by the President on July 7, 1968.
DIGEST OF STATUTE Section 1(a)—Exports to help Balance of Payments.-H.R. 16162 authorizes inclusion in the Export-Import Bank's loan, guarantee and insurance eligibility qualifications those transactions which offer a sufficient likelihood of repayment of loans in addition to those countries giving reasonable assurance of repayment as provided in section 2(b)(i) of the Export-Import Bank Act of 1945, as amended.
Section 1(6)—Program to use $500 million of total Bank authorization.-Funds authorized under H.R. 16162 would be charged to the total Bank authorization of $13,500 million at the rate of 100 percent on direct loans by the Bank and 25 percent of the total of insured loans and 25 percent of the total loans guaranteed by the Bank. The outstanding ceiling of Bank funds for all purposes of H.R. 16162 would be $500 million.
Section 1(c)-Quarterly reports.—The Board of Directors of the Bank shall make quarterly reports on the new loan program to Congress, beginning with the calendar quarter ending September 30, 1968.