Page:United States Statutes at Large Volume 79.djvu/712

 PUBLIC LAW 89-175-SEPT. 9, 1965

672

[79 S T A L

Public Law 89-175 c.

.

,

.

AN ACT

September 9, 1965

[H. R. 5280] International balance of payments. Voluntary agreement program.

Consv4ltation with financial interests.

Formulation of agreements.

Publication in Federal Register.

38 Stat. 717; 52 Stat. 117. 15 USC 58.

Approval of agreements.

Program review by Attorney General.

Publication in Federal Register.

To provide for exemptions from the antitrust laws to assist in safeguarding the balance of jxayments position of the United States.

Be It enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That it is declared to be the policy of Congress to safeguard the position of the United States with respect to its international balance of payments. To effectuate this policy the President shall undertake continuous surveillance over the private flow of dollar funds from the United States to foreign countries, the solicitation of cooperation by banks, investment bankers and companies, securities brokers and dealers, insurance companies, finance companies, pension funds, charitable trusts and foundations, and educational institutions, to curtail expansion of such flow, and the authorization of such voluntary agreements or programs as may be necessary and appropriate to safeguard the position of the United States with respect to its international balance of payments. SEC. 2. (a) The President is authorized to consult with representatives of persons described in section 1 to stimulate voluntary efforts to aid in the improvement of the balance of payments position of the United States. (b) When the President finds it necessary and appropriate to safeguard the United States balance of payments position, he may request persons described in section 1 to discuss the formulation of voluntary agreements or programs to achieve such objective. When such a request is made, a notice shall be promptly published by the President in the Federal Register, listing the persons invited to attend and the time and place at which the discussion is to be held. If the President makes such a request, no such discussion nor the formulation of any voluntary agreement or program in the course of such discussion shall be construed to be within the prohibitions of the antitrust laws or the Federal Trade Commission Act of the United States: Provided, That n a act or omission to act in effectuation of such voluntary agreement or program is taken until after such voluntary agreement or program is approved in accordance with the provisions of subsections (c) and (d) hereof: And provided further, That any meeting or discussion comply with the. requirements of subsection (e). (c) The President may approve, subject to such conditions as he may wish to impose, any voluntary agreement or program among persons described in section 1 that he finds to be necessary and appropriate to safeguard the United States balance-of-payments position. No act or omission to act which occurs pursuant to any approved voluntary agreement or program by a person described in section 1 who has accepted a request of the President to participate shall be construed to be within the prohibitions of the antitrust laws or the Federal Trade Commission Act: Provided, That any meeting or discussion pursuant to any such agreement or program comply with the requirements of subsection (e). (d) No voluntary agreement or program shall be approved except after submission to the Attorney General for his review as to its effect on competition and a finding by the Attorney General after consultation with the delegate of the President that the actual or potential detriment to competition is outweighed by the benefits of such agreement or program to the safeguarding of the United States balanceof-payments position. The finding of the Attorney General, together with his reasons, shall be published in the Federal Register not later than the time required by section 3 for publication of any approved agreement or program: Provided, hoicecer. That where the President

�