Summary: H.R.2138 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.2138. Bill summaries are authored by CRS.

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Introduced in House (01/27/1975)

Declares that for 90 days following enactment of this Act, the President shall have no authority to adjust imports of petroleum or petroleum products. Provides that in the event of a declaration of war, an attack upon the United States, or other involvement in hostilities by the Armed Forces within the 90-day period, this provision shall not thereafter apply.

Provides that any action taken by the President between January 15, 1975, and the date of enactment of this Act which results in the imposition of a duty, tax, or fee on petroleum or petroleum products shall cease to have effect on the date of enactment.

Allows a rebate of any amount paid as a tax or fee on petroleum products which was imposed by the President after January 15, 1975, and before enactment of this Act.

States that nothing in this Act shall be deemed to affect the validity of any proclamation or Executive order issued before January 16, 1975, by the President under a specified provision of the Trade Expansion Act.

Declares that during the period beginning on the date of enactment of this Act and ending on June 30, 1975, the public debt limit as set forth in the Second Liberty Bond Act shall be temporarily increased to $131,000,000,000.