Full text of Bank Protection Act of 1968
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 T - ^ i i - i n 1 1 i i ' i * 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