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82 STAT. 609

(1) by inserting “(1)" immediately before “invest”;
(2) by striking out “(1)” before "secured",
(3) by inserting", now or hereafter in effect," after "National

.

Housing Act"; and 79 Stat. 465.

(4) by striking out all that follows“ (2)” and inserting in lieu 12 USC 1464.

thereof the following: "acquire and hold investments in housing

project loans, or interests therein, having the benefit of any 75 Stat. 429.

guaranty under section 221 of the Foreign Assistance Act of 1961, 22 USC 2181.

as now or hereafter in effect, or loans, or interests therein, having 79 Stat. 655.

the benefit of any guaranty under section 224 of such Act, or any 22 USC 2184.

commitment or agreement with respect to such loans, or interests

therein, made pursuant to either of such sections." 12 USC 1464. (f) Section 5(c) of such Act is amended by adding immediately

before the last paragraph thereof the following new paragraph:

“Any such association may invest in loans, or interests in loans, to financial institutions with respect to which the United States or any agency or instrumentality thereof has any function of examination or supervision, or to any broker or dealer registered with the Securities and Exchange Commission, secured by loans, obligations, or investments in which it has any statutory authority to invest directly."

FEDERAL HOME LOAN BANK ACT

47 Stat. 735; 80 Stat. 1293.

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73 Stat, 489; 79 Stat. 509.

Sec. 1717. Section 12 of the Federal Home Loan Bank Act, as amended (12 U.S.C. 1432), is amended by inserting “(a)" after "SEC. 12.”, and by adding at the end thereof a new subsection as follows:

"(b) Subject to such regulations as may be prescribed by the Board, one or more Federal home loans banks may acquire, hold, or dispose of, in whole or in part, or facilitate such acquisition, holding, or disposition by members of any such bank of, housing project loans, or interests therein, having the benefit of any guaranty under section 221 of the Foreign Assistance Act of 1961, as now or hereafter in effect, or loans, or interests therein, having the benefit of any guaranty under section 224 of such Act, or any commitment or agreement with respect to such loans, or interests therein, made pursuant to either of such sections."

FEDERAL RESERVE ACT
Sec. 1718. Section 24 of the Federal Reserve Act, as amended (12
U.S.C. 371), is amended-

(1) by striking out “twenty-four months”, wherever it appears in the third paragraph and inserting in lieu thereof "hirty-six months”;

(2) by striking out “when the entire amount of such obligation is sold to the association”, wherever it appears in the first and second paragraphs, and inserting in lieu thereof “in whole or in part and at any time or times prior to the maturity of such obligation"; and

(3) by striking out the last paragraph and inserting in lieu thereof the following: "Loans made to any borrower (i) where the association looks for repayment by relying primarily on the borrower's general credit standing and forecast of income, with or without other security, or (ii) where the association relies on other security as collateral for the loans (including but not limited to a guaranty of a third party), and where, in either case described in clause (i) or (ii) above, the association wishes to take a mortgage, deed of trust, or other instrument upon real estate (whether or not constituting a first lien) as a precaution

82 STAT. 610 against contingencies, such loans shall not be considered as real estate loans within the meaning of this section but shall be classed as ordinary non-real-estate loans."

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Sec. 1719. (a) The first sentence of section 3 of the United States Housing Act of 1937 is amended by striking "a body corporate of per- 81 Stat. 20. petual duration to be known as”.

42 USC 1403. (b) Section 17 of such Aot is repealed. The capital stock referred to Repeal, in such section shall be retired, and sum of $1,000,000 represented 50 Stat: 897. by such stock shall be returned to the Treasury of the United States. 42 USC 1417,

(c) Such Act is amended by adding a new section 17 as follows:

“Sec. 17. In the performance of, and with respect to, functions, powers, and duties under this Act, the Secretary shall have (in addition to any authority otherwise vested in him) the functions, powers, and duties set forth in subsections (a), (b), and (e) of section 402 of

64 Stat. 783 the Housing Act of 1950."

73 Stat. 681. (d) Section 101 of the Government Corporation Control Act is 12 USC 1749a. amended by striking out “United States Housing Authority and 59 Stat. 597. including public housing projects financed through appropriated funds 31 USC 846. and operations thereof;

SPECIAL STUDIES OF SAVINGS AND LOAN INDUSTRY

80 Stat. 143.

Sec. 1720. That part of chapter IV of the Second Supplemental Appropriation Act, 1966, which relates to expenses necessary, for special studies of the savings and loan industry is amended by striking out “1968" and inserting "1969".

SMALL BUSINESS ACT

Sec. 1721. Subsection (a) of section 4 of the Small Business Act 72 Stat. 384. is amended by inserting immediately after “the Commonwealth of 15 USC 633. Puerto Rico," the following: “the Trust Territory of the Pacific Islands,".

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TECHNICAL AMENDMENTS

Sec. 1722. (a) Section 110(c) of the Housing Act of 1949 is 70 Stat. 1097; amended by striking out "paragraphs (7), (8), and (9)” in the second unnumbered paragraph following the numbered paragraphs and 42 USC 1460. inserting in lieu thereof "paragraphs (7), (8), (9), and (10)”.

(b) Section 110(d) of the Housing Act of 1949 is amended by 68 Stat. 626. striking out “clauses (2), (3)” and inserting in lieu thereof “clauses (2), (3), (7)”.

(c) Section 110(e) of the Housing Act of 1949 is amended by striking out “and (9)”in clause (i) and inserting in lieu thereof “(9), and (10)".

(d) Section 1101(c)(3) of the National Housing Act is amended 80 Stat. 1274. by inserting “from the beginning of amortization of the mortgage” 12 USC 1749asa. immediately after "twenty-five years".

(e) Section 213(0) of the National Housing Act is amended by 79 Stat. 469, adding at the end thereof four new sentences as follows: “Moneys 12 USC 17158, in the Cooperative Management Housing Insurance Fund not needed for current operations of the fund shall be deposited with the Treasurer of the United States to the credit of the Cooperative Management Housing Insurance Fund or invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States. The Secretary may, with the

82 STAT. 611

upproval of the Secretary of the Treasury, purchase in the open market debentures which are the obligations of the Cooperative Management Housing Insurance Fund. Such purchases shall be made at å price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this subsection.

Debentures so purchased shall be canceled and not reissued.” 73 Stat. 684. (f) Section 810(e) of the National Housing Act is amended 12 USC 1748h-2.

(1) by striking out "private corporation, association, cooperative society, or trust” in the first sentence and inserting in lieu thereof “mortgagor approved by the Secretary”, and

(2) by striking out “corporation, association, cooperative society, or trust” in the third and fourth sentences and inserting

in lieu thereof "mortgagor". 68 Stat. 596.

(g) Section 220(d) (2) (B) of the National Housing Act is amended 12 USC 1715k.

by striking out "corporations restricted by” and inserting in lieu thereof "corporations or other legal entities restricted by or under".

Approved August 1, 1968, 11:52 a. m.

LEGISLATIVE HISTORY:

.

HOUSE REPORTS: No. 1585 ao o ompanying H. R. 17989 (Comm. on Banking

and Currenoy) and No. 1785 (Comm. of Conferenoe). SENATE REPORT No. 1123 (Comm. on Banking & Currenoy). CONGRESS IONAL RECORD, Vol. 114 (1968)s

May 23, 24, 27, 28: Considered and passed Senate.
July 10: Considered and passed House, amended, in lieu of

H. R. 17989.
July 25: Senate agreed to conference report.
July 26: House agreed to conferenoe report.

Public Law 90-565
90th Congress, S. J. Res. 197

October 12, 1968

Joint Resolution

82 STAT, 1001

To correct certain references in section 4(i) of the Act entitled "An act to

amend chapter 37 of title 38 of the United States Code with respect to the veterans' home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other purposes”, approved May 7, 1968.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That section 4(i) of the Act

Veterans of May 7, 1968 (Public Law 90-301), is amended

Home loans. (1) by striking out “(a)”, each place it appears, and inserting Ante, p. 115. in lieu thereof “ (b)”;

(2) by striking out “(4)" and inserting in lieu thereof “(5)"; and

(3) by striking out “(5)” and inserting in lieu thereof “(6)”. Approved October 12, 1968, .

LEGISLATIVE HISTORY:

CONGRESSIONAL RECORD, Vol. 114 (1968):

Aug. 1: Considered and passed Senate.
Oct. 3: Considered and passed House.

(177)

Public Law 91-9
91st Congress, S. J. Res. 37

April 11, 1969

Joint Resolution
To extend the time for the making of a final report by the Commission To Study

Mortgage Interest Rates.

83 STAT. 7

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That section 4 (g) of Mortgage interthe Act of May 7, 1968 (Public Law 90–301) is amended by striking est rates out “Said report of the Commission shall be made by April 1, 1969, study. and inserting in lieu thereof the following: “The Commission may Report, extern make an interim report not later than April 1, 1969, and shall make a

82 Stat. 115. final report of its study and recommendations not later than July 1, 12 USC 1709-1 1969,".

note, Approved April 11, 1969.

sion,

LEGISLATIVE HISTORY:

SENATE REPORT No. 91-92 (Comm. on Banking and Currency).
CONGRESSIONAL RECORD, Vol. 115 (1969)s

Mar. 10: Considered and passed Senate,
Apr. 1: Considered and passed House,

(178)

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