87 STAT. 347 Deposit credits. Citation "(2) The Corporation shall credit as of the close of each calendar year, to each deposit outstanding at such close, a return on the outstanding balance, as determined by the Corporation, of such deposit during such calendar year, at a rate equal to the average annual rate of return, as determined by the Corporation, to the Corporation dur ing the year ending at the close of November 30 of such calendar year, on the investments held by the Corporation in obligations of, or guaranteed as to principal and interest by, the United States. "(3) The Corporation in its discretion may at any time repay all such deposits, or repay pro rata a portion of each of such deposits, in such manner and under such procedure as the Corporation may prescribe. Any procedure for such pro rata repayment may provide for total repayment of any deposit, if total repayment of any and all deposits of equal or smaller amount is likewise provided for. "(4) The provisions of subsection (f) of this section and of the last sentence of subsection (e) of this section shall be applicable to deposits under this subsection, and for the purposes of this subsection the references in such subsection (f) and such last sentence to the prepayments and the pro rata shares therein mentioned shall be deemed instead to be references respectively to the deposits under this subsection and the pro rata shares of the holders thereof, and the reference in such subsection (f) to that subsection shall be deemed instead to be a reference to this subsection." STATE TAXATION OF FEDERALLY INSURED FINANCIAL INSTITUTIONS SEC. 7. (a) This section may be cited as the "State Taxation of of title. Depositories Act". Definitions. (b) The Congress finds that the national goals of fostering an efficient banking system and the free flow of commerce among the States will be furthered by clarifying the principles governing State taxation of interstate transactions of banks and other depositories. Application of taxes measured by income or receipts, or other "doing business" taxes, in States other than the States in which depositories have their principal offices should be deferred until such time as uniform and equitable methods are developed for determining jurisdiction to tax and for dividing the tax base among States. (c) With respect to any taxable year or other taxable period beginning on or after the date of enactment of this section and before January 1, 1976, no State or political subdivision thereof may impose any tax measured by income or receipts or any other "doing business" tax on any insured depository not having its principal office within such State. (d) For the purpose of this section— (1) The term "insured depository" means any bank the deposits of which are insured under the Federal Deposit Insurance Act, any institution the accounts of which are insured by the Federal Savings and Loan Insurance Corporation, or any thrift and home financing institution which is a member of a Federal home loan bank. (2) The term "State" means any of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, and American Samoa. (e) (1) The Advisory Commission on Intergovernmental Relations shall make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State commercial banks, mutual savings banks, and savings and loan associations. Such study shall include recommendations for legislation which will provide equitable State taxation of out-of-State commercial banks, mutual 87 STAT. 348 savings banks, and savings and loan associations. Such recommendations shall include, but shall not be limited to, the matter of the proper allocation, apportionment, or other division of tax bases and such other matters relating to the question of multistate taxation of commercial banks, mutual savings banks, and savings and loan associations as the Commission shall determine to be pertinent. In conducting the study, the Commission shall consult with the Secretary of the Treasury, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, appropriate State banking and taxing authorities, and others as needed. (2) The Commission shall make a report to the Congress of the Report to results of its study and recommendations not later than December 31, 1974. Congress. (3) There are authorized to be appropriated to the Commission Approprisuch sums as may be necessary to carry out the provisions of this ation. subsection. SEC. 8. The provisions of this Act shall take effect on the thirtieth day after the date of its enactment, except that the amendments made by sections 1 and 5 shall take effect on the date of enactment of this Act. Approved August 16, 1973. LEG IS LATIVE HISTORY: HOUSE REPORTS: No. 93-140 (Comm. on Banking and Currency) and SENATE REPORT No. 93-149 accompanying S.1798 (Comm. on Banking, CONGRESSIONAL RECORD, Vol. 119 (1973): May 9, considered and passed House. May 22, considered and passed Senate, amended, in lieu of S. 1798. Public Law 93-110 93rd Congress, H. R. 6912 To amend the Par Value Modification Act, and for other purposes. Be it enacted by the Senate and House of Represenatives of the United States of America in Congress assembled, That the first sentence of section 2 of the Par Value Modification Act is amended by striking out the words "one thirty-eighth of a fine troy ounce of gold" and inserting in lieu thereof the following: "0.828948 Special Drawing Right or, the equivalent in terms of gold, of forty-two and twoninths dollars per fine troy ounce of gold". SEC. 2. The Par Value Modification Act is amended by adding at the end thereof the following new section: "SEC. 5. It is the sense of the Congress that the President shall take all appropriate action to expedite realization of the international monetary reform noted at the Smithsonian on December 18, 1971." SEC. 3. (a) Sections 3 and 4 of the Gold Reserve Act of 1934 (31 U.S.C. 442 and 443) are repealed. (b) No provision of any law in effect on the date of enactment of this Act, and no rule, regulation, or order under authority of any such law, may be construed to prohibit any person from purchasing, holding, selling, or otherwise dealing with gold. (c) The provisions of this section, pertaining to gold, shall take effect when the President finds and reports to the Congress that international monetary reform shall have proceeded to the point where elimination of regulations on private ownership of gold will not adversely affect the United States' international monetary position. Effective date. Par Value 86 Stat. 116. Repeal. 48 Stat. 340. Gold, private ownership. Effective date; report to Congress. 87 STAT. 352 87 STAT. 353 55 Stat. 839. 59 Stat. 515. 87 STAT. 353 TITLE II-FOREIGN CURRENCY REPORTS STATEMENT OF FINDINGS SEC. 201. The Congress finds that (1) movements of mobile capital can have a significant impact on the proper functioning of the international monetary system; (2) it is important to have as complete and current data as feasible on the nature and source of these capital flows, including transactions by large United States business enterprises and their foreign affiliates; (3) it is desirable to emphasize this objective by supplementing existing legal authority for the collection of data on capital flows contained in section 5(b) of the Emergency Banking Act of 1933 (12 U.S.C. 95a) and section 8 of the Bretton Woods Agreements Act of 1945 (22 U.S.C. 286f). AUTHORITY TO PRESCRIBE REGULATIONS SEC. 202. (a) The Secretary of the Treasury (hereafter referred to as the "Secretary") is authorized and directed, under the authority of this title and any other authority conferred by law, to supplement regulations requiring the submission of reports on foreign currency transactions consistent with the statement of findings under section 201. Regulations prescribed under this title shall require that such reports contain such information and be submitted in such manner and at such times, with reasonable exceptions and classifications, as may be necessary to carry out the policy of this title. (b) Reports required under this title shall cover foreign currency transactions conducted by any United States person and by any foreign person controlled by a United States person as such terms are defined in section 7(f) (2) (A) and 7(f) (2) (C) of the Securities 84 Stat. 1124. Exchange Act of 1934. 15 USC 78g. Penalty. ENFORCEMENT SEC. 203. (a) Whoever fails to submit a report required under any rule or regulation issued under this title may be assessed a civil penalty not exceeding $10,000 in a proceeding brought under subsection (b) of this section. (b) Whenever it appears to the Secretary that any person has failed to submit a report required under any rule or regulation issued under this title or has violated any rule or regulation issued hereunder, the Secretary may in his discretion bring an action, in the proper district court of the United States or the proper United States court of any territory or other place subject to the jurisdiction of the United States, seeking a mandatory injunction commanding such person to comply with such rule or regulation, and upon a proper showing a permanent or temporary injunction or restraining order shall be granted without bond, and additionally the sanction provided for failure to submit a report under subsection (a). Approved September 21, 1973. LEG IS LATIVE HISTORY: HOUSE REPORTS: No. 93-203 (Comm. on Banking and Currency) SENATE REPORTS: No. 93-58 (Comm. on Banking, Housing and Urban CONGRESSIONAL RECORD, Vol. 119 (1973): May 30, considered and passed Senate, amended, in lieu of S. 929. Sept. 6, House agreed to conference report. Sept. 7, Senate agreed to conference report. Public Law 93-173 93rd Congress, H. R. 11104 An Act To provide for a temporary increase of $10,700,000,000 in the public debt limit and to extend the period to which this temporary limit applies to June 30, 1974. 87 STAT, 691 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That during the Public debt period beginning on the date of the enactment of this Act and ending limit. on June 30, 1974, the public debt limit set forth in the first sentence of Temporary section 21 of the Second Liberty Bond Act (31 U.S.C. 757b) shall be temporarily increased by $75,700,000,000. inorease. Ante, p. 134. SEC. 2. Effective on the date of the enactment of this Act, section 101 Repeal; effecof the Act of October 27, 1972, providing for a temporary increase in tive date. the public debt limit for the fiscal year ending June 30, 1973 (Public Law 92-599), as amended by the first section of Public Law 93-53, is Ante, p. 134. hereby repealed. Approved December 3, 1973. LEGISLATIVE HISTORY: HOUSE REPORT No. 93-609 (Comm. on Ways and Means). Nov. 7, considered and passed House. Nov. 27, considered and passed Senate, amended. Nov. 30, Deo. 1-3, Senate receded from its amendments. |