upon the capability to meet National defense production requirements.

Subtitle B-Technology

Section 5142 establishes the National Advisory Committee on Semiconductors. It sets forth findings on the importance of the semiconductor industry to the United States and declares the purpose of the Advisory Committee to be devising and promulgating a national semiconductor strategy to ensure U.S. leadership in semiconductor technology.

The Advisory Committee shall be created in the Executive branch of Government as an independent advisory body to collect and analyze information, identify components of a national semiconductor strategy, and assess the role of government and national laboratories in contributing to the semiconductor technology base of the United States.

The Advisory Committee shall be composed of thirteen members: The Secretary of Defense; Secretary of Commerce; Technology Policy, and the Director of the Office of Science and Foundation; or their designees. Additionally, the President shall appoint four members from outside the Federal government who are eminent in the semiconductor industry, and four members from outside the Federal government who are eminent in the fields of technology, defense, and economic development.

The Advisory Committee shall submit to the President and the Congress an annual report on its activities which includes its findings and recommendations with respect to a national semiconductor strategy.

Such sums as may be necessary to carry out the purposes of this Committee are authorized to be appropriated for fiscal years 1988, 1989, and 1990.

Subtitle C-Competitiveness Policy Council

Section 461 establishes the title of the council as the competitiveness policy council.

Section 462 states general findings regarding America's competitiveness problems, and states the purpose of the Council: to create an institutional forum where business, government, labor, academia and public interest groups can analyze information on the competitiveness of the United States, identify competitive problems, develop long-term strategies, make recommendations, and publish their analysis.

Section 463 establishes the Competitiveness Policy Council under the provisions of the Federal Advisory Committee Act.

Section 464 establishes the duties of the Competitiveness Policy Council as an advisory and review council to develop policies that would enhance U.S. international competitiveness, review requests for governmental assistance and recommend actions of the private sector to ensure future competitiveness as a condition of such assistance, collect and analyze data on economic conditions and market trends, and create a forum where leaders of business, government, labor and academia will identify economic problems, develop recommendations and create consensus.

Section 465 establishes the membership of the Council to include twelve members-four appointed by the President, one each appointed from business, labor, public interest activities, and the Federal government; four appointed by the Majority and Minority leader of the Senate, one each appointed from business, labor, academia, and State or local governments; four appointed by the Speaker of the House and the Minority Leader, one each appointed from business, labor, academia, and State or local governments.

Section 466 provides for the appointment of an executive director and staff such that the executive director shall be paid at not higher than a GS-18 level.

Section 467 defines the powers of the Council to include hearings, administer oaths, accept gifts, obtain information from Federal departments and agencies, use U.S. mails, and request administrative support from GSA on a reimbursable basis. This section also provides for the creation of subcouncils.

Section 468 requires the Council to submit to the President and Congress an annual report.

Section 469 provides for an authorization of appropriations up to $5 million for each fiscal years 1989 and 1990. Section 470 defines terms used in Act.

Subtitle E-Trade Data, Impact and Studies

Section 5401-5413 establish the Interagency Trade Data Advisory Committee, of which the President of the Export-Import Bank is a member. The Committee is directed to advise the Secretary of Commerce on the operation of a National Trade Data Bank, to provide private sector and government officials efficient access to economic and trade data for purposes of policymaking and export promotion. A report will be required from the Advisory Committee to the Governmental Affairs Committee and the Banking, Housing, and Urban Affairs Committee of the Senate, other appropriate committees of the Senate and the House of Representatives. A final report by the Advisory Committee is to be submitted to the Governmental Affairs Committee and the Banking, Housing, and Urban Affairs Committee of the Senate, and other appropriate committees of the Senate and the House of Representatives not more than three years after the enactment of this Act assessing the National Trade Data Bank.

Sematech.-Section 5422 requires that an annual report be completed and provided to the Congress by the Advisory Council on Federal Participation in Sematech concerning Federal participation in Sematech. The report shall include an identification of potential sources of Federal funds, recommendations concerning methods and terms of such support, and an exploration of the feasibility of recoupment of the federal investment in the event of royalties or fees resulting from the licensing of Sematech technology, or as a result of its dissolution and sale of its assets.

EXPEDITED FUNDS AVAILABILITY ACT

H.R. 28

Apr. 2, 1987-The Committee on Banking, Finance and Urban Affairs met in Executive Session and ordered reported favorably, as amended, by voice vote.

Apr. 10, 1987-Report filed in House. H. Rept. 100-52.

May 5, 1987-Passed House under suspension of the rules by roll call vote of 388 ayes to 5 nays with "1" voting present (Roll No. 80).

Summary

This measure was incorporated into H.R. 27 and subsequently became title VI of Public Law No. 100-86. See Public Law 100-86.

TRUTH IN SAVINGS ACT

H.R. 176

June 18, 1987-The Committee on Banking, Finance and Urban Affairs met in Executive Session and ordered the bill reported favorably, as amended, by voice vote.

June 9, 1987-Passed House by voice vote under suspension of rules.

June 26, 1988-Identical provision included in Title IV of H.R. 5094, The Depository Institutions Act of 1988.

Summary

This Act requires depository institutions advertising or soliciting interest bearing accounts to clearly state the terms of the account including annual percentage yield, minimum balance and time requirements to earn advertised interest rate, annual simple interest rate, initial deposit requirements as well as any fees, charges for other applicable terms of the account. The Act authorizes the Federal Reserve to promulgate regulations to carry out the purposes of this Act.

PUBLIC WORKS AND ECONOMIC DEVELOPMENT ACT AND THE
APPALACHIAN REGIONAL DEVELOPMENT ACT

H.R. 3084

July 17, 1987-Report filed in House. H. Rept. 100-237, Part I (Committee on Public Works and Transportation).

July 22, 1987-Committee on Banking, Finance and Urban Affairs met in Executive Session and ordered reported favorably, as amended, by roll call vote of 35 ayes, 15 nays.

July 30, 1987-Report filed in House. H. Rept. 100-237, Part II (Committee on Banking, Finance and Urban Affairs).

Aug. 6, 1987-Passed House by roll call vote of 330 ayes, 89 nays (Roll No. 311).

Aug. 7, 1987-In Senate, referred to the Committee on Environment and Public Works.

Summary

The bill retains the basic economic development tools as initially enacted, but places more emphasis on the leveraging of private funds and on developing long-range economic recovery programs. It maintains assistance for communities to address sudden or severe economic dislocation, major plant closing, or other factors resulting in subnational job loss. It retains both the highway and non-highway programs of the Appalachian Regional Commission.

FOREIGN OWNERSHIP OF UNITED STATES BANKS LIMITATION ACT OF

1987

H.R. 2578

Oct. 13, 1987-Passed House, by voice vote.

Oct. 20, 1987-In Senate, referred to the Committee on Banking, Housing and Urban Affairs.

Summary

H.R. 2578 seeks to amend the Federal Deposit insurance Act and other laws to ensure that hostile foreign interests could not acquire or contract a banking institution surreptitiously, by amending provisions governing change in control, creation of new banks, bank mergers, conversion from state to national charter, and conversion to Federal insurance.

The bill would require those wishing to acquire a financial institution to disclose the nationality of all persons or agencies who would have direct or indirect control of the bank; provide for criminal penalties for failure to accurately report the nationality of bank or savings and loan owners; would require federal regulators to disapprove of any bank or thrift acquisition if the agency had reason to believe it would result in ownership or control by an individual or agent from a nation with whom trade is restricted (the President would have the authority to exempt any country from this restriction); would specifically prohibit acquisition or ownership of a financial institution by any individual from or agent of, any of the nations designated by section 5(6)1 of the Export Administration Act.

DISAPPROVING THE 1988 CERTIFICATION BY THE PRESIDENT WITH RESPECT TO PARAGUAY

H.J. Res. 495

May 10, 1988-The Committee on Banking, Finance and Urban Affairs met in Executive Session and ordered reported favorably by voice vote.

May 26, 1988-Report filed in House. H. Rept. 100-602, Part II. Summary

The resolution, if approved and signed by the President, would disapprove the Presidential certification of Paraguay under section 481(h) of the Foreign Assistance Act of 1961. The certification procedure under sec. 481(h) applies to countries which are known drug-producing or trafficking nations. The effect of approval of the

decertification would have been to require that the U.S. Executive Directors to the multilateral development banks vote against development bank loans for Paraguay.

ANTI-APARTHEID ACT AMENDMENTS OF 1988

H.R. 1580

June 2, 1988-The Committee on Banking, Finance and Urban Affairs met in Executive Session and ordered the bill reported favorably, as amended, by a roll call vote of 34 ayes to 14 nays.

July 12, 1988-Report filed in the House. H. Rept. 100-642, Part IV.

Aug. 11, 1988-Passed House, as amended, by a roll call vote of 244 ayes to 132 nays.

Summary

H.R. 1580, as amended, enacts six new sanctions against South Africa. Two of the new sanctions are of particular importance to the Committee on Banking, Finance and Urban Affairs; the prohibition on all U.S. investments (including loans) in South Africa, and the prohibition on imports from South Africa (except for the importation of certain strategic minerals, publications, and products of businesses wholly owned by blacks and other non-whites). The legislation provides that the President may grant a one-time six-month waiver from the investment prohibition on a case-by-case basis.

The legislation also creates a coordinator of South African sanctions within the Department of State and an Inter-Agency Coordinating Committee on South Africa of which the Secretary of the Treasury is a member.

MONEY LAUNDERING CONTROL ACT OF 1988

H.R. 4853

June 9, 1988-The Committee on Banking, Finance and Urban Affairs met in Executive Session and ordered the bill reported favorably, as amended, by voice vote.

June 21, 1988-Report filed in the House. H. Rept. 100-716.

Sept. 22, 1988-Passed House by a roll call vote of 375 ayes to 30 nays. (See H.R. 5210)

Summary

This Act, consists of amendments to the Omnibus Drug Bill (H.R. 5210), requires banking customers to present proper identification for cash transactions of $3,000 or more involving the purchase of certain negotiable monetary instruments, such as cashiers checks or travelers checks; grants authority to the Secretary of the Treasury to target financial institutions in a specific area for additional reporting of cash transactions, and; amends the right to Financial Privacy Act regarding the disclosure of financial records when criminal activity is suspected.