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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
2/6/1973--Introduced. Makes the restriction of the Merchant Marine Act of 1936 against taking into account for subsidy accounting purposes any salary for personal services in excess of $25,000, inapplicable to operators whose operating differential subsidy contracts terminated within 12 months prior to October 21, 1970. (Amends 46 U.S.C. 1173 ut)