Page:United States Statutes at Large Volume 80 Part 1.djvu/169

 80 STAT. ]

PUBLIC LAW 89-409-MAY 2, 1966

133

under title III of the Small Business Investment Act of 1958, shall not exceed $400,000,000; (C) under title V of the Small Business Investment Act of 1958, shall not exceed $200,000,000; and (D) under title IV of the Economic Opportunity Act of 1964 shall not exceed $100,000,000. " (5) The Administration shall submit to the Committees on Appro- Reports to conpriations and the Committees on Banking and Currency of the Senate g r e s s. and House of Representatives, as soon as possible after the beginning of each calendar quarter, a full and complete report on the status of each of the funds established by paragraph (1). If at the close of the preceding calendar quarter the aggregate amount outstanding or committed by the Administration in carrying out its functions under any of the sections or titles referred to in paragraph (4) exceeded 75 per centum of the total amount authorized to be outstanding or committed under such sections or titles, the Administration's report shall include its recommendations for such additional authority as it deems appropriate. Business-type budgets for each of the funds established by paragraph (1) shall be prepared, transmitted to the Congress, considered, and enacted in the manner prescribed by law (sections 102, 103, and 104 of the Government Corporation Control Act (31 U.S.C. 59 Stat. 598. 847-849)) for wholly-owned Government corporations. " (6) The Administration shall pay into miscellaneous receipts of the Treasury, following the close of each fiscal year, interest on the outstanding cash disbursements from each of the funds established by paragraph (1) at rates determined by the Secretary of the Treasury, taking into consideration the current average yields on outstanding interest-bearing marketable public debt obligations of the United States of comparable maturities as calculated for the month of June preceding such fiscal year." SEC. 3. (a) Section 7 of the Small Business Act is amended by ^^ ^^^ ^^^• adding at the end thereof the following new subsection: "(e) The Administration also is empowered to make loans (either '^'^^'^^ adjustdirectly or in cooperation with banks or other lenders through agree- "^"^ ments to participate on an immediate or deferred basis) to assist any firm to adjust to changed economic conditions resulting from increased competition from imported articles, but only if (1) an adjustment proposal of such firm has been certified by the Secretary of Commerce pursuant to the Trade Expansion Act oi 1962, (2) the Secretary has ^ ^*g^' j^oj referred such proposal to the Administration under that Act and the note. loan would provide part or all of the financial assistance necessary to carry out such proposal, and (3) the Secretary's certification is in force at the time the Administration makes the loan. With respect to loans made under this subsection the Administration shall apply the provisions of sections 314, 315, 316, 318, 319, and 320 of the Trade Expansion Act of 1962 as though such loans had been made under (b) Section 2 of Public Law 87-550, approved July 25, 1962 (76 Stat. 220), is hereby repealed. Any unexpended balances of appropriations heretofore appropriated for the purposes of such section are hereby transferred to the business loan and investment fund established by section 4(c)(1) of the Small Business Act. (c) This section shall take effect on July 1, 1966. Approved May 2, 1966.

fg^usc 5373

^"'^' ^- "2Effective date.

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