petent jurisdiction. A judgment in an action for damages, or a compromise, under this subsection shall be a bar to the recovery under this subsection of any damages in any other action against the same seller on account of sales made to the same purchaser prior to the institution of the action in which such judgment was rendered, or prior to such compromise. The President may not institute any action under this subsection on behalf of the United States

(1) if the violation arose because the person selling the material or service acted upon and in accordance with the written advice and instructions of the President or any official authorized to act for him;

(2) if the violation arose out of the sale of any material or service to any agency of the Government, and such sale was made pursuant to the lowest bid made in response to an invitation for competitive bids. (Sept. 8, 1950, ch. 932, Title IV, § 409, 64 Stat. 811.)

§ 2110. Contracts for purchase of processed chickens or turkeys by government agencies. Each contract providing for the purchase of processed chickens or turkeys by any department or agency of the United States from any contractor, entered into at any time when ceiling prices are in effect under this Act [sections 2061-2166 of this Appendix] for whichever of such fowl is covered by such contract, shall contain the following provision (with such change as may be necessary to describe the fowl covered by the contract):

"The contractor represents that the contract price is based upon an estimated price paid to the producers for live chickens or live turkeys to be processed hereunder. In the event and to the extent that the actual price paid to the producers of live chickens or live turkeys purchased for the performance of this contract is less than such estimated price, the contract price shall be reduced by the same number of cents or fraction thereof, per pound." (Sept. 8, 1950, ch. 932, Title IV, § 410, 64 Stat. 812.)

TITLE V.-SETTLEMENT OF LABOR DISPUTES

§ 2121. Intent of Congress.-It is the intent of Congress, in order to provide for effective price and wage stabilization pursuant to title IV of this Act [sections 2101-2110 of this Appendix] and to maintain uninterrupted production, that there be effective procedures for the settlement of labor disputes affecting national defense. (Sept. 8, 1950, ch. 932, Title V, § 501, 64 Stat. 812.)

§ 2122. National policy; voluntary conferences.-The national policy shall be to place primary reliance upon the parties to any labor dispute to make every effort through negotiation and collective bargaining and the full use of mediation and conciliation facilities to effect a settlement in the national interest. To this end, the President is authorized (1) to initiate voluntary conferences between management, labor, and such persons as the President may designate to represent government and the public, and (2) subject to the provisions of section 503 [section 2123 of this Appendix], to take such action as may be agreed upon in any such conference and appropriate to carry out the provisions of this title [sections 2121-2123 of this Appendix]. The President may designate such persons or agencies as he may deem appropriate to carry out the provisions of this title. (Sept. 8, 1950, ch. 932, Title V, § 502, 64 Stat. 812.)

§ 2123. Due regard for collective bargaining and other laws.-In any such conference, due regard shall be given to terms and conditions of employment established by prevailing collective bargaining practice which will be fair to labor and management alike, and will be consistent with stabilization policies established under this Act [sections 2061-2166 of this Appendix]. No action inconsistent with the provisions of the Fair Labor Standards Act of 1938, as amended [sections 201-219 of Title 29], other Federal labor standards statutes, the Labor Management Relations Act, 1947 [sections 141-197 of Title 29], or with other applicable laws shall be taken under this title [sections 2121-2123 of this Appendix]. (Sept. 8, 1950, ch. 932, Title V, § 503, 64 Stat. 812.)

TITLE VI.-CONTROL OF CONSUMER AND REAL ESTATE CREDIT

Scope of title.-In enacting this title, Congress inserted the following sentence without a section number immediately following the title heading: "This title authorizes the regulation of consumer credit and real estate construction credit only."

§ 2131. Power to exercise consumer credit controls.-To assist in carrying out the objectives of this Act [sections 2061-2166 of this Appendix], the Board of Governors of the Federal Reserve System is authorized, notwithstanding the provisions of Public Law 386, Eightieth Congress (61 Stat. 921), to exercise consumer credit controls in accordance with and to carry out the provisions of Executive Order Numbered 8843 (August 9, 1941) until such time as the President determines that the exercise of such controls is no longer necessary, but in no event beyond the date on which this section terminates. (Sept. 8, 1950, ch. 932, Title VI, § 601, 64 Stat. 812.)

References in text.-Public Law 386, Eightieth Congress, is Act Aug. 8, 1947, ch. 517, 61 Stat. 921, and is set out in note under section 248 of Title 12, Banks and Banking.

Executive Order Numbered 8843 is set out in note under section 5 of this Appendix.

§ 2132. Real estate construction credit-Regulations.-(a) to assist in carrying out the purposes of this Act [sections 2061-2166 of this Appendix], the President is authorized from time to time to prescribe regulations with respect to such kind or kinds of real estate construction credit which thereafter may be extended as, in his judgment, it is necessary to regulate in order to prevent or reduce excessive or untimely use of or fluctuations in such credit. Such regulations may, among other things, prescribe maximum loan or credit values, minimum down payments in cash or property, trade-in or exchange values, maximum maturities, maximum amounts of credit, rules regarding the amount, form, and time of various payments, rules against any credit in specified circumstances, rules regarding consolidations, renewals, revisions, transfers, or assignments of credit, and rules regarding other similar or related matters. Such regulations may classify persons and transactions and may apply different requirements thereto, and may include such administrative provisions as in the judgment of the President are reasonably necessary in order to fectuate the purposes of this section or to prevent evasions threof. n prescribing and suspending such regulations, including changes m time to time to take account of changing conditions, the Presi

dent shall consider, among other factors, (1) the level and trend of real estate construction credit and the various kinds thereof, (2) the effect of the use of such credit upon (i) purchasing power and (ii) demand for real property and improvements thereon and for other goods and services, (3) the need in the national economy for the maintenance of sound credit conditions, and (4) the needs for increased defense production.

(b) Compliance with regulations; records and reports. No person shall extend or maintain any real estate construction credit, or renew, revise, consolidate, refinance, purchase, sell, discount, or lend or borrow on, any obligation arising out of any such credit, or arrange for any of the foregoing, in contravention of any regulation prescribed by the President pursuant to this section. Any person who extends or maintains any such credit, or renews, revises, consolidates, refinances, purchases, sells, discounts, or lends or borrows on, any obligation arising out of any such credit, or arranges for any of the foregoing, shall make, keep, and preserve for such periods, such accounts, correspondence, memoranda, papers, books, and other records, and make such reports, under oath or otherwise, as the President may by regulation require as necessary or appropriate in order to effectuate the purposes of this section; and such accounts, correspondence, memoranda, papers, books, and other records shall be subject at any time to such reasonable periodic, special, or other examinations by examiners or other representatives of the President as the President may deem necessary or appropriate. The requirements of this section apply whether a person is acting as principal, agent, broker, vendor, or otherwise.

(c) Registration of transactions or persons.-To assist in carrying out the purposes of this section, the President by regulation may require transactions or persons or classes thereof subject to this section to be registered; and, after notice and opportunity for hearing, the President by order may suspend any such registration for violation of this section or any regulation prescribed by the President pursuant to this section. The provisions of section 25 of the Securities Exchange Act of 1934, as amended [section 78y of Title 15], shall apply in the case of any such order of the President in the same manner that such provisions apply in the case of orders of the Securities and Exchange Commission under that Act [sections 78a78jj of Title 15]. In carrying out this section, the President may act through and may utilize the services of the Board of Governors of the Federal Reserve System, the Federal Reserve banks, and any other agencies, Federal or State, which are available and appropriate.

(d) Definitions.-For the purposes of this section, unless the context otherwise requires, the following terms shall have the following meanings, but the President may in his regulations further define such terms and, in addition, may define technical, trade, accounting, and other terms, insofar as any such definitions are not inconsistent with the provisions of this section:

(1) "Real estate construction credit" means any credit which (i) is wholly or partly secured by, (ii) is for the purpose of purchasing or carrying, (iii) is for the purpose of financing, or (iv) involves a

right to acquire or use, new construction on real property or real property on which there is new construction. As used in this paragraph the term "new construction" means any structure, or any major addition or major improvement to a structure, which has not been begun before 12 o'clock meridian, August 3, 1950. As used in this paragraph the term "real property" includes leasehold and other interests therein. Notwithstanding the foregoing provisions of this paragraph, the term "real estate construction credit" shall not include any loan or loans made, insured, or guaranteed by any department, independent establishment or agency in the executive branch of the United States, or by any wholly owned Government corporation, or by any mixed-ownership Government corporation as defined in the Government Corporation Control Act, as amended [section 841-869 of Title 31].

(2) "Credit" means any loan, mortgage, deed of trust, advance, or discount; any conditional sale contract; any contract to sell or sale of contract of sale, of property or services, either for present or future delivery, under which part or all of the price is payable subsequent to the making of such sale or contract; any rental-purchase contract, or any contract for the bailment, leasing, or other use of property under which the bailee, lessee, or user has the option of becoming the owner thereof, obligates himself to pay as compensation a sum substantially equivalent to or in excess of the value thereof, or has the right to have all or part of the payments required by such contract applied to the purchase price of such property or similar property; any option, demand, lien, pledge, or similar claim against, or for the delivery of property or money; any purchase, discount, or other acquisition of, or any credit under the security of, any obligation or claim arising out of any of the foregoing; and any transaction or series of transactions having a similar purpose or effect. (Sept. 8, 1950, ch. 932, Title VI, § 602, 64 Stat. 813.

References in text.-For distribution of the Securities Exchange Act of 1934, referred to in this section, see note under section 78a of Title 15, Commerce and Trade.

§ 2133. Penalties.-Any person who willfully violates any provision of section 601 or 602 [section 2131 or 2132 of this Appendix] or any regulation or order issued thereunder, upon conviction thereof, shall be fined not more than $5,000 or imprisoned not more than one year, or both. (Sept. 8, 1950, ch. 932, Title VI, § 603, 64 Stat. 814.)

§ 2134. Consumer credit controls; investigations; injunctions; jurisdiction. All the present provisions of sections 21 and 27 of the Securities Exchange Act of 1934, as amended [sections 78u and 78aa of Title 15] (relating to investigations, injunctions, jurisdictions, and other matters), shall be as fully applicable with respect to the exercise by the Board of Governors of the Federal Reserve System of credit controls under section 601 [section 2131 of this Appendix] as they are now applicable with respect to the exercise by the Securities and Exchange Commission of its functions under that Act [sections 78a78jj of Title 15], and the Board shall have the same powers in the exercise of such credit controls as the Commission now has under the said sections 21 and 27 [sections 78u and 78aa of Title 15]. (Sept. 8, 1950, ch. 932, Title VI, § 604, 64 Stat. 814.)

References in text.-For distribution of the Securities Exchange Act of 1934, referred to in this section, see note under section 78a of Title 15, Commerce and Trade.

§ 2135. Real estate loans by government agencies. To assist in carrying out the objections of this Act [sections 2061-2166 of this Appendix] the President may at any time or times, notwithstanding any other provision of law, reduce, for such period as he shall specify, the maximum authorized principal amounts, ratios of loan to value or cost, or maximum maturities of any type or types of loans on real estate which thereafter may be made, insured, or guaranteed by any department, independent establishment, or agency in the excutive branch of the United States Government, or by any wholly owned Government corporation or by any mixed-ownership Government corporation as defined in the Government Corporation Control Act, as amended [section 841-869 of Title 31], or reduce or suspend any such authorized loan program, upon a determination, after taking into con sideration the effect thereof upon conditions in the building industry and upon the national economy and the needs for increased defense production, that such action is necessary in the public interest: Provided, That in the exercise of these powers, the President shall preserve the relative credit preferences accorded to veterans under existing law. (Sept. 8, 1950, ch. 932, Title VI, § 605, 64 Stat. 814.)

TITLE VII.-GENERAL PROVISIONS

§ 2151. Encouragement of small business; allocation of supplies to business. (a) It is the sense of the Congress that small-business enterprises be encouraged to make the greatest possible contribution toward achieving the objective of this Act [sections 2061-2166 of this Appendix].

(b) In order to carry out this policy

(i) the President shall provide small-business enterprises with full information concerning the provisions of this Act [sections 2061-2166 of this Appendix] relating to, or of benefit to, such enterprises and concerning the activities of the various departments and agencies under this Act [said sections];

(ii) such business advisory committees shall be appointed as shall be appropriate for purposes of consultation in the formulation of rules, regulations, or orders, or amendments thereto issued under authority of this Act [said sections], and in their formation there shall be fair representation for independent small, for medium, and for large business enterprises, for different geographical areas, for trade association members and nonmembers, and for different segments of the industry;

(iii) in administering this Act [said sections], such exemptions shall be provided for small-business enterprises as may be feasible without impeding the accomplishment of the objectives of this Act [said sections]; and

(iv) in administering this Act [said sections], special provision shall be made for the expeditious handling of all requests, applications, or appeals from small-business enterprises.

(c) Whenever the President invokes the powers given him in this Act [sections 2061-2166 of this Appendix] to allocate, or approve