H.R. 7806 (96th): Monetary Reconstruction and Mortgage Relief Act of 1980

Jul 23, 1980 (96th Congress, 1979–1980)
Died (Referred to Committee)
Richard Nolan
Representative for Minnesota's 6th congressional district

This bill was introduced on July 23, 1980, in a previous session of Congress, but was not enacted.

Introduced Jul 23, 1980
Referred to Committee Jul 23, 1980
Full Title

A bill to provide for monetary and commodity stabilization, and for other purposes.


No summaries available.


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Primary Source

THOMAS.gov (The Library of Congress)

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

Monetary Reconstruction and Mortgage Relief Act of 1980 -
Title I - Energy Conservation and Rationing
Directs the President to establish monthly emergency conservation targets for motor fuel and home heating oil without a finding that a severe energy supply interruption exists or such actions are required by international obligations. Requires a 20 percent reduction in petroleum imports within one year. Authorizes the President to implement any approved rationing contingency plan in order to meet such targets.
Title II - Emergency Wage-Price Control Act of 1980
Emergency Wage-Price Control Act of 1980 - Directs the President to impose a ceiling on price profits, rents, wages, salaries, interest rates, corporate dividends, and similar transfers at levels not in excess of those prevailing during the 30 day period ending on the date of enactment or on such earlier date as the Council on Wage and Price Stability may determine or at the level prevailing on the nearest date on which, in the judgment of the Council, the level was generally representative.
Requires that such ceilings remain in effect until the earlier of:
(1) 180 days after the enactment; or
(2) the date on which the President limits such increases to those which are consistent with the specified purposes of this title and orderly economic growth.
Sets forth guidelines for such orders and regulations.
Prohibits limitation of wage increases for individuals with substandard earnings and members of the working poor.
Prohibits preclusion of payments for wage increases:
(1) under the Fair Labor Standards Act of 1938;
(2) pursuant to Federal agency wage determinations for specified Government contract or assistance work or for work performed by specified aliens; or
(3) paid in conjunction with existing or newly established employee incentive programs designed to reflect directly increases in employee productivity.
Authorizes the President to exempt from any such order or regulation rates charged by common carriers and utilities and any other rates, charges, fees, or other transfers determined to be adequately regulated by appropriate Federal, State, or local authorities.
Requires that such orders and regulations provide for the making of adjustments to prevent gross inequities or to avoid undue or severe hardship.
Exempts raw agricultural commodities sold below the parity price and imports from such orders or regulations.
Excludes employer contributions to specified pension, group insurance, or disability and health plans or employer payments for servicing debt obligations which are channeled through an employee stock ownership plant from "wages" and "salaries" for purposes of this title, unless the President determines that such contributions or payments are inconsistent with the purposes of this Act and orderly economic growth.
Directs the President to delegate the performance of any functions under this Act to the Council and to appoint a Pay Board and a Price Administrator to assist the Director of the Council in carrying out this title.
Provides for:
(1) confidentiality of information;
(2) subpoena power;
(3) administrative procedures;
(4) criminal fines and civil penalties;
(5) injunctions and other relief;
(6) damages or other relief;
(7) judicial review;
(8) compensation and appointment of personnel;
(9) employment of experts and consultants;
(10) reports to Congress;
(11) authorization of appropriations; and
(12) expiration of authority on September 30.
Title III - Interest Rates
Prohibits interest rates in excess of three percent. Provides for forfeiture of the entire interest if such rate is exceeded and the creditor would be required to charge less than such interest rate. Permits the debtor to collect double the amount of interest paid if such greater interest was charged.
Title IV - Disapproval of Actions Regarding Monetary Policy
Amends the Federal Reserve Act to require the Federal Open Market Committee or the Board of Governors of the Federal Reserve System to notify Congress of any decision regarding monetary policy. Permits Congress to veto such decision.
Title V - Export Sales of Grain
Requires the Secretary of Agriculture to approve exports of grain if the purchase price of such grain equals or exceeds the parity price. Directs the Secretary to assist sellers in the sale or exchange of grain for export. Designates the Commodity Credit Corporation to carry out this title.
Title VI - Amendments to the Congressional Budget Act of 1974 and to the Budget and Accounting Act, 1921
Fiscal Responsibility Act of 1980 - Amends the Congressional Budget Act of 1974 to require a separate vote of approval in both the House of Representatives and the Senate if any concurrent resolution on the budget sets for a level of tax receipts, which, expressed as a percentage of the gross national product, exceeds the previous fiscal year's tax level.
Requires the completion of action on the total budgetary figures contained in a concurrent resolution on the budget before any amendment to the amounts listed under the functional categories may be considered.
Requires a three-fifths vote in both the House and Senate to adopt any budget resolution which recommends a deficit.
Amends the Budget and Accounting Act, 1921, to limit the estimates of Federal expenditures and receipts contained in the President's budget to 21 percent of the gross national product.
Requires the President's budget to be balanced.
Authorizes the President to submit an alternate budget to the Congress which is not balanced provided it remains within such spending and revenue limitations.
Title VII - Emergency Homeowners' Relief Act Amendments of 1980
Amends the Emergency Homeowners' Relief Act to authorize emergency mortgage relief if a farm is operated on the mortgaged property. Raises the ceiling on the maximum amount of mortgage assistance. Increases the maximum amount authorized to be appropriated. Extends such program through September 30, 1984, from September 30, 1977. Directs the Secretary of Housing and Urban Development to make annual reports to Congress concerning mortgage foreclosures and measures to alleviate hardships.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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