Summary: S.1980 — 93rd Congress (1973-1974)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed Senate amended (08/02/1973)

(LATEST SUMMARY)

Defense Production Act Amendments - Authorizes and directs the Secretary of the Treasury to cancel the outstanding balance of all unpaid notes issued to the Secretary of the Treasury pursuant to the Defense Production Act, together with interest accrued and unpaid on such notes. States that any cash balance remaining on June 30, 1974, in the borrowing authority previously authorized by this Act, and any funds thereafter received on transactions heretofore or hereafter entered into pursuant to this Act, shall be covered into the Treasury as a miscellaneous receipt.

States that interest shall accrue on the cumulative amount of disbursements to carry out the purposes of this Act, plus any unpaid accrued interest, less the cumulative amount of any funds received on transactions entered into pursuant to this Act and any net losses incurred by an agency in carrying out its functions under this Act when the head of the agency determines that such net losses have occurred, and the current market value of the inventory of materials procured under the Defense Production Act. States that the rate of interest shall be determined by the Secretary of the Treasury based upon a formulation set forth in this Act.