Summary: S.2758 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for S.2758. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (06/20/1990)

Amends Federal law to: (1) add four persons appointed by the Speaker of the House of Representatives for a five-year term each and four persons appointed by the Senate Majority Leader for a five-year term each, to the Library of Congress Trust Fund Board; and (2) increase from three to nine the quorum required for the Board to transact business.

Authorizes the Librarian of Congress to take temporary possession, pending approval, of a gift of money or securities to the Library if conditions attached by the donor require expedited action. Prohibits a gift of securities from being invested or reinvested. Requires any investment or reinvestment of a gift of money to be made in an interest-bearing obligation of or guaranteed by the United States. Requires the return of the gift principal to the donor if the gift is not approved, and makes any income earned during the approval period available for use by the Library.