Full text of Bank Protection Act of 1968

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294

PUBLIC LAW 90-388-JULY 6, 1968

[82 STAT.

Public Law 90-388
July 6, 1968
tli.R. 16451]

U.S.-Central
America.
Livestock dise a s e control.

28 Stat. 622;
40 Stat. 1270.

Appropriation.

AN ACT
To authorize the Secretary of Agriculture to cooperate with the several governments of Central America in the prevention, control, and eradication of footand-mouth disease or rinderi)est.
Be it enacted by the /Senate and House of Eepresentatives of the
United States of America in Congress assembled, That the Secretary
of Agriculture is authorized to cooperate with the several governmentvS
of Central America in carrying out operations or measures to prevent
or retard, suppress, or control, or to eradicate foot-and-mouth disease
or rinderpest in Central America where he deems such action necessary
to protect the livestock and related industries of the United States. In
performing the operations or measures herein authorized, the several
governments of Central America shall be responsible for the authority
necessary to carry out such operations or measures on all lands and
properties in each nation and for such other facilities and means as in
the discretion of the Secretary of Agriculture are necessary. The
measure and character of cooperation carried out under this Act on the
part of the United States and on the part of the several governments
of Central America, including the expenditure or use of n m d s appropriated pursuant to this Act, shall be such as may be prescribed
by the Secretary of Agriculture. Arrangements for the cooperation
authorized by this Act shall be made through and in consultation with
the Secretary of State. The authority contained in this Act is in addition to and not in substitution for the authority of existing law.
SEC. 2. For purposes of this Act, funds appropriated pursuant
thereto may also be used for the purchase or hire of passenger motor
A'^ehicles and aircraft, for printing and binding without regard to section 87 of the Act of January 12, 1895, or section 11 of the Act of
March 1, 1919 (44 U.S.C. I l l ) , and for the employment of civilian
nationals of the several nations of Central America.
SEC. 3. The governments of Central America, for the purposes of this
Act, mean the governments for those countries located between the
Republic of Colombia and the Republic of Mexico.
SEC. 4. I n carrying out this Act the Secretary of Agriculture is
further authorized to cooperate with other public and private organizations and individuals.
SEC. 5. There are authorized to be appropriated such sums as may
be necessary to carry out this Act.
Approved July 6, 1968.

Public Law 90-389
July 7, 1968
[H. R. 15345]

Bank Protection
Act of 1968.
" F e d e r a l supervisory a g e n c y . "

AN ACT
To provide security measures for banks and other financial institutions, and to
provide for the appointment of the Federal Savings and Loan Insurance
(\>ri)oration a« receiver.
Be It enacted by the Senate and House of Re2)resentatlres of the
United States of America in Congress assembled, That this Act may be
cited as the "Bank Protection Act of 1968*'.
SEC. 2. As used in this Act the term "Federal supervisory agency''
moans—
(1) The Comptroller of the Currency w ith respect to national
banks and district banks,
(2) The Board of Governors of the Federal Reserve System

82 STAT. ]

PUBLIC LAW 90-389-JULY 7, 1968

295

Avith respect to Federal Reserve banks and State b a n t s which are
members of the Federal Reserve System,
(8) The Federal Deposit Insurance Corporation with respect
to State banks which are not members of the Federal Reserve
System but the deposits of which are insured by the Federal Deposit Insurance Corporation, and
(4) The Federal Home Loan Bank Board with respect to
Federal savings and loan associations, and institutions the accounts of which are insured by the Federal Savings and Ijoan
Insurance Corporation.
SEC. 3. (a) Within six months from the date of this Act, each
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security
measures.

i^ederal supervisory agency shall promulgate rules establishmg
minimum standards with which each bank or savings and loan
association must comply with respect to the installation, maintenance, and operation of security devices and procedures, reasonable
in cost, to discourage robberies, burglaries, and larcenies and to
assist in the identification and apprehension of persons who commit
such acts.
(b) The rules shall establish the time limits within which banks and
savings and loan associations shall comply with the standards and shall
require the submission of periodic reports with respect to the installation, maintenance, and operation of security devices and procedures.
SEC. 4. The Federal supervisory agencies shall consult with
insurance rates.
(1) insurers furnishing insurance protection against losses resulting from robberies, burglaries, and larcenies committed against
financial institutions referred to in section 2, and
(2) State agencies having supervisory or regulatory responsibilities with respect to such insurers
to determine the feasibility and desirability of premium rate differentials based on the installation, maintenance, and operation of security
devices and procedures. The Federal supervisory agencies shall report Report to conto the (^ongress the results of their consultations pursuant to this sec- ^""^^^
tion not later than two years after the date of enactment of this Act.
SEC. 5. A bank or savings and loan association which violates a Penalty.
rule promulgated pursuant to this Act shall be subject to a civil
penalty which shall not exceed $100 for each day of the violation.
SEC. 6. Subsection (c) of section 406 of the National Housing Act is ps^Li^c'a^'Suamended by inserting " ( 1 ) " after " ( c ) " and by adding at the end ment asTJc°eiver.
thereof the following:
48 stat. 1259.
" (2) In the event the Federal Home I ^ a n Bank Board determines— ^^ ^^^ ^^^^
"(,A) that (i) a conservator, receiver, or other legal custodian
(whether or not the Corporation) has been or is hereafter
appointed for an insured institution which is not a Federal savings
and loan association other than by the Board (whether or not such
institution is in default) and that the appointment of such conservator, receiver, or custodian, or any combination thereof, has
been outstanding for a period of at least fifteen consecutive days,
or (ii) an insured institution (other than a Federal savings and
loan association) has been closed by or under the laws of any
State;
"(1^) that one or more of the grounds specified in pjiragraph
(6) (A) of section 5(d) of the Home Owners' I » a n Act of 1933, fo
f*^
-14(54
1028and
12 u
s^
e^
existed with respect to such institution at the time a conservator, note.
receiver, or other legal custodian was appointed, or at the time
such institution was closed, or exists thereafter during the appointment of the conserval or, receiver, or other legal custodian or while
the institution is closed; and

96-600 O - 69 - 22

296

•State.

PUBLIC LAW 90-390-JULY 7, 1968

[82 STAT.

" ( C ) that one or more of the holders of withdiuwable accounts
in such institution is unable to obtain a withdrawal of his account,
in whole or in part;
the Board shall have exclusive power and jurisdiction to appoint the
Corporation as sole receiver for such institution. As used in this paragraph (2), the term 'State' includes the Commonwealth of Puerto
Rico, the territories and possessions, and any place subject to the
jurisdiction of the United States.
"(3) In any case where the Corporation is appointed receiver of an
insui-ed institution pursuant to paragraph (2)—
" ( A ) the provisions of section 5(d) of the Home Ownei-s' Loan
Act of 1933 shall be applicable in the same manner and to the same
extent as if such institution were a Federal savings and loan association with respect to which the Corporation had been appointed
receiver under paragraph (6) thereof, and the provisions of paragraph (14) of said subsection (d) shall be applicable in the same
manner and the same extent that they would be applicable if the
insured institution w^ere an institution referred to in the first
sentence of said paragraph; and
" ( B ) the Corporation shall have authority to liquidate such
institution in an orderly manner or to make such other disposition of the matter as it deems to be in the best interests
of the institution, its savers, and the Corporation.
I n connection with the liquidation of any such institution, the
language 'the court or other public authority having jurisdiction
over the matter' in subsection (d) of this section shall mean said
Board."
Approved July 7, 1968.

Public Law 90-390
July 7, 1968
[H.R. 16162]

Export-Import
Bank loans, etc.
Extension.

Ante, p. 49.

Ante, p. 49.
Limitation.

AN ACT
To enable the Extwrt-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.

Be It enacted by the Senate and House of Representatives of the
United /States of America In Congress assembled,
SECTION 1. (a) I t is the policy of the Congress that the ExportImport Bank of the United States should facilitate through loans,
guarantees, and insurance (including coinsurance and reinsurance)
those export transactions which, in the judgment of the Board of
Directors of the Bank, offer sufficient likelihood of repayment to
justify the Bank's support in order to actively foster the foreign
trade and long-t-erm commercial interest of the United States.
(b) The Bank shall specially designate loans, guarantees, and insurance on the books of the Bank made under authority of this Act.
I n connection with guarantees and insurance, not less than 25 per
centum of the related contractual liability of the Bank shall be taken
into account for the purpose of applying the limitation imposed by
section 7 of the Export-Import Bank of 1945, as amended; but the
full amount of the related contractual liability of such guarantees and
insurance shall be taken into account for the purpose of applying the
limitation in section 2(c) (1) of that Act, concerning the amount of
guarantees and insurance the Bank may have outstanding at any one
time thereunder. The aggregate amount of loans plus 25 per centum