Page:United States Statutes at Large Volume 93.djvu/68

 93 STAT. 36

Effective date; expiration. 12 USC 355 note.

Ante, p. 35.

PUBLIC LAW 96-18—JUNE 8, 1979 limitation imposed by section 21 of the Second Liberty Bond Act (31 U.S.C.757b).". SEC. 3. (a) Except for the amendments made by subsection (a) of the first section of this Act, and except for the amendment made by subsection (b) of this section, the amendments made by this Act shall be effective only during the two-year period which begins on the date of enactment of this Act. Upon the expiration of such period, each provision of law amended by this Act, except section 14(b)(1) of the Federal Reserve Act, is amended to read as it did immediately prior to the enactment of this Act. (b) Upon the expiration of the two-year period which begins on the date of enactment of this Act, section 14(b)(1) of the Federal Reserve Act (12 U.S.C. 355(1)) is further amended by adding at the end thereof the following new sentence: "Notwithstanding any other provision of this Act, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market." Approved June 8, 1979.

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LEGISLATIVE HISTORY: HOUSE REPORT No. 96-111 (Comm. on Banking, Finance and Urban Affairs). CONGRESSIONAL RECORD, Vol. 125 (1979): May 23, considered and passed House. May 24, considered and passed Senate.

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