Page:United States Statutes at Large Volume 94 Part 3.djvu/806

 94 STAT. 3450

Emergency effective date.

Transmittal to Congress. Congressional approval. Ante, p. 3444. 12 USC 2121.

Ante, p. 3440.

12 USC 2260.

PUBLIC LAW 96-592—DEC. 24, 1980

Except as provided in paragraph (2) of this subsection, no final regulation of the Farm Credit Administration shall become effective prior to the expiration of thirty calendar days after it is published in the Federal Register during which either or both Houses of the Congress are in session. "(2) In the case of an emergency, a final regulation of the Farm Credit Administration may become effective without regard to the last sentence of paragraph (1) of this subsection if the Farm Credit Administration notifies in writing the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate setting forth the reasons why it is necessary to make the regulation effective prior to the expiration of the thirty-day period. "(c)(1) If there are any unresolved differences between the Farm Credit Administration and the Board of Governors of the Federal Reserve System as to whether any regulation implementing section 3.7(b) of this Act or the other provisions of title III relating to the authority under section 3.7(b) conforms to national banking policies, objectives, and limitations, simultaneously with promulgation of any such regulation under this Act, and simultaneously with promulgation of any regulation implementing section 2.3 of tnis Act, the Farm Credit Administration shall transmit a copy thereof to the Secretary of the Senate and the Clerk of the House of Representatives. Except as provided in paragraph (2), the regulation shall not become effective if, within ninety calendar days of continuous session of Congress after the date of promulgation, both Houses of Congress adopt a concurrent resolution, the matter after the resolving clause of which is as follows: 'That Congress disapproves the regulation promulgated by the Farm Credit Administration dealing with the matter of, which regulation was transmitted to Congress on ', the blank spaces therein being appropriately filled. "(2) If at the end of sixty calendar days of continuous session of Congress after the date of promulgation of a regulation, no committee of either House of Congress has reported or been discharged from further consideration of a concurrent resolution disapproving the regulation, and neither House has adopted such a resolution, the regulation may go into effect immediately. If, within such sixty calendar days, such a committee has reported or been discharged from further consideration of such a resolution, or either House has adopted such a resolution, the regulation may go into effect not sooner than ninety calendar days of continuous session of Congress after its promulgation unless disapproved as provided in paragraph (1). "(3) For the purposes of paragraphs (1) and (2) of this subsection— "(i) continuity of session is broken only by an adjournment of Congress sine die; and "(ii) the days on which either House is not in session because of an adjournment of more than three days to a day certain are excluded in the computation of sixty and ninety calendar days of continuous session of Congress. "(4) Congressional inaction on or rejection of a resolution of disapproval shall not be deemed an expression of approval of such regulation.". SEC. 509. Title V of the Farm Credit Act of 1971 is amended by adding the following section at the end thereof: "SEC. 5.30. CONGRESS.—

GENERAL ACCOUNTING OFFICE AUDIT: REPORT TO

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