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12 USC CHAPTER 20 - CREDIT CONTROL 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 20 - CREDIT CONTROL

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CHAPTER 20 - CREDIT CONTROL

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12 USC Sec. 1901 to 1910 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 20 - CREDIT CONTROL

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Sec. 1901 to 1910. Omitted

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CODIFICATION

Sections 1901 to 1910 were omitted pursuant to section 1910 which

provided that the authority conferred by this chapter expired at

the close of June 30, 1982.

Section 1901, Pub. L. 91-151, title II, Sec. 202, Dec. 23, 1969,

83 Stat. 376, related to definitions for this chapter.

Pub. L. 91-151, title II, Sec. 201, Dec. 23, 1969, 83 Stat. 376,

provided that title II of Pub. L. 91-151 (this chapter) could be

cited as the ''Credit Control Act''.

Section 1902, Pub. L. 91-151, title II, Sec. 203, Dec. 23, 1969,

83 Stat. 376, directed Board of Governors of Federal Reserve System

to prescribe regulations to carry out purposes of this chapter.

Section 1903, Pub. L. 91-151, title II, Sec. 204, Dec. 23, 1969,

83 Stat. 377, related to determination of interest charges in

connection with credit transactions.

Section 1904, Pub. L. 91-151, title II, Sec. 205, Dec. 23, 1969,

83 Stat. 377, related to credit controls.

Section 1905, Pub. L. 91-151, title II, Sec. 206, Dec. 23, 1969,

83 Stat. 377, related to extent of controls.

Section 1906, Pub. L. 91-151, title II, Sec. 207, Dec. 23, 1969,

83 Stat. 378, related to reporting of extensions of credit and

production of records.

Section 1907, Pub. L. 91-151, title II, Sec. 208, Dec. 23, 1969,

83 Stat. 378, related to injunctions for noncompliance.

Section 1908, Pub. L. 91-151, title II, Sec. 209, Dec. 23, 1969,

83 Stat. 378, related to civil penalties.

Section 1909, Pub. L. 91-151, title II, Sec. 210, Dec. 23, 1969,

83 Stat. 378, related to criminal penalties.

Section 1910, Pub. L. 91-151, title II, Sec. 211, as added Pub.

L. 96-508, Sec. 9, Dec. 8, 1980, 94 Stat. 2749, provided that the

authority conferred by this chapter expired at the close of June

30, 1982.

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COUNCIL ON WAGE AND PRICE STABILITY

Pub. L. 93-387, Aug. 24, 1974, 88 Stat. 750, as amended by Pub.

L. 93-449, Sec. 4(e), Oct. 18, 1974, 88 Stat. 1367; Pub. L. 94-78,

Sec. 2-7, Aug. 9, 1975, 89 Stat. 411, 412; Pub. L. 95-121, Sec.

1-6, Oct. 6, 1977, 91 Stat. 1091; Pub. L. 96-10, Sec. 1-5, May 10,

1979, 96 Stat. 23; Pub. L. 96-508, Sec. 1-8, Dec. 8, 1980, 94 Stat.

2748, 2749; Pub. L. 97-35, title III, Sec. 383, Aug. 13, 1981, 95

Stat. 432, known as the ''Council on Wage and Price Stability

Act'', provided for the establishment of a Council on Wage and

Price Stability and the appointment and compensation of members,

chairman, director, and employees; authorized cooperation with

other agencies; specified the powers and duties of the Council;

directed the establishment and duties of an Office of Productivity;

specified that the Act did not authorize the continuation or

imposition of economic controls or affect the Emergency Petroleum

Allocation Act of 1973 (15 U.S.C. 751 et seq.); provided for the

disclosure of information; required annual reports; authorized

appropriations; and terminated the authority granted by the Act on

Sept. 30, 1981.

ECONOMIC STABILIZATION PROGRAM

Title II of Pub. L. 91-379, Aug. 15, 1970, 84 Stat. 799, as

amended by Pub. L. 91-558, title II, Sec. 201, Dec. 17, 1970, 84

Stat. 1468; Pub. L. 92-8, Sec. 2, Mar. 31, 1971, 85 Stat. 13; Pub.

L. 92-15, Sec. 3, May 18, 1971, 85 Stat. 38; Pub. L. 92-210, Sec.

2, Dec. 22, 1971, 85 Stat. 743; Pub. L. 93-28, Sec. 1-8, Apr. 30,

1973, 87 Stat. 27-29; Pub. L. 102-572, title I, Sec. 102(a), Oct.

29, 1992, 106 Stat. 4506, known as the ''Economic Stabilization Act

of 1970'', authorized the President, within an established

procedural framework, to stabilize prices, rents, wages, salaries,

interest rates, dividends and similar transfers, and establish

priorities for use and allocation of supplies of petroleum

products, including crude oil, and to issue standards to serve as a

guide for determining levels of wages, prices, etc., which would

allow for adjustments, exceptions and variations to prevent

inequities, taking into account changes in productivity, cost of

living and other pertinent factors. The Act provided for

limitations on the exercise of Presidential authority and allowed

delegation of the performance of any of the President's functions

to appropriate officers, departments and agencies of the United

States or to entities composed of members appointed to represent

different sectors of the economy and the general public. The Act

provided for disclosure of information, subpena power,

administrative procedure, criminal and civil sanctions, injunctions

and suits for damages and other relief. The Act specified original

jurisdiction for judicial review of cases or controversies arising

under the Act or regulations issued thereunder in the district

courts of the United States, and directed that appeals of final

decisions or permitted interlocutory appeals be brought in the

United States Court of Appeals for the Federal Circuit. The Act

made specific provision for small business and mass transportation

systems, required the President to issue periodic reports to

Congress, authorized appropriations, and provided for its

expiration on April 30, 1974.

EXEMPTION FROM PRICE RESTRAINTS AND ALLOCATION PROGRAMS OF FIRST

SALE OF CRUDE OIL AND NATURAL GAS OF CERTAIN LEASES

Pub. L. 93-153, title IV, Sec. 406, Nov. 16, 1973, 87 Stat. 590,

provided that the first sale of crude oil and natural gas liquids

produced from any lease whose average daily production did not

exceed ten barrels per well not be subject to price restraints or

any allocation program established pursuant to any Federal law,

prior to repeal by Pub. L. 94-163, title IV, Sec. 401(b)(4), Dec.

22, 1975, 89 Stat. 946. For effective date of repeal of section 406

of Pub. L. 93-153, see section 401(b)(5) of Pub. L. 94-163.

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EX. ORD. NO. 12288. TERMINATION OF WAGE AND PRICE REGULATORY

PROGRAM

Ex. Ord. No. 12288, Jan. 29, 1981, 46 F.R. 10135, provided:

By the authority vested in me as President and as Commander in

Chief of the Armed Forces by the Constitution and laws of the

United States of America, including Sections 2(c) and 3(a) of the

Council on Wage and Price Stability Act, as amended (12 U.S.C. 1904

note), and Section 205(a) of the Federal Property and

Administrative Services Act of 1949, as amended (40 U.S.C. 486(a))

(now 40 U.S.C. 121(a)), and in order to terminate the regulatory

burdens of the current wage and price program, it is hereby ordered

as follows:

Section 1. Executive Order No. 12092, as amended, is revoked.

Sec. 2. The head of each Executive agency and military

department, including the Council on Wage and Price Stability and

the Office of Federal Procurement Policy, is authorized to take

appropriate steps to terminate actions adopted in response to

Executive Order No. 12092, as amended. Ronald Reagan.

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