Page:United States Statutes at Large Volume 84 Part 1.djvu/857

 84 STAT.]

799

PUBLIC LAW 91-379-AUG. 15, 1970

consideration of the views and comments so submitted the Board may promii]grtte rules, remilations, cost-accounting standards, and modifications thereof which shall have the full force and effect of law and shall become effective not later than the start of the second fiscal quarter beginning after the expiration of not less than thirty days after publication in the Federal Register. " (B) The functions exercised under this section are excluded from the operation of sections 551, 553-559. and 701-706 of title 5, United States Code. " (C) The provisions of paragraph (A) of this subsection shall not be applicable to rules and regulations prescribed by the Board pursuant to subsection (h)(2). " (j) For the purpose of detennining whether a defense contractor or subcontractor has complied with duly promulgated cost-accounting standards and has followed consistently his disclosed cost-accounting l)ractices, any authorized representative of the head of the agency concerned, of the Board, or of the Comptroller General of the United States shall have the right to examine and make copies of any documents, papers, or records of such contractor or subcontractor relating to compliance with such cost-ac<?ounting standards and principles. "(k) The Board shall report to the Congress, not later than twenty-four months after the date of enactment of this section, concerning its progress in promulgating cost-accounting standards under subsection (g) and rules and regulations under subsection (h). Thereafter, the Board shall make an annual report to the Congress with respect to its activities and operations, together with such recommendations as it deems appropriate. "(1) There are authorized to be appropriated such sums as may be necessary to carry out the provisions of tins section." § 104. Loan guarantees Section 801 of the Defense Production Act of 1950 (50 U.S.C. App. 2091) is amended by adding at the end thereof a new subsection as follows: "(e)(1) P^xcept with the approval of the Congress, the maximum obligation of any guaranteeing agency under any loan, discount, advance, or commitment in connection therewith, entered into under this section shall not exceed $20,000,000. "(2) The authority conferred by this section shall not be used l)rimarily to pre\ent the financial msohency or bankruptcy of any person, unless " (A) the President certifies that the insolvency or bankruptcy would have a direct and substantially adverse effect upon defense production; and " (B) a copy of such certification, together with a detailed justification thereof, is transmitted to the Congress and to the Committees on Banking and Currency of the respective Houses at least ten days prior to the exercise of that authority for such use."

80 Stat. 3 8 1, 392.

Records, availability.

Report to Congress.

Appropriation.

64 Stat. 800; 67 Stat. 129. Limitations.

TITLE II—(^OST OF L IV I N G S T A B I L I Z A T I O N § 201. Short title This title may be cited as the "Economic Stabilization Act of 1970'' § 202. Presidential authority The President is authorized to issue such orders and regulations as he may deem appropriate to stabilize prices, rents, wages, and salaries at levels not less than those prevailing on May 25, 1970. Such orders

Economic Stabilization Act of 1970. Standby controls.

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