H.R.4553 - Energy Incentives and Agricultural Financial Resources Act of 198699th Congress (1985-1986)
|Sponsor:||Rep. Boulter, Beau [R-TX-13] (Introduced 04/10/1986)|
|Committees:||House - Banking, Finance, and Urban Affrs; Energy and Commerce; Ways and Means|
|Latest Action:||04/16/1986 Referred to Subcommittee on Fossil and Synthetic Fuels. (All Actions)|
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Summary: H.R.4553 — 99th Congress (1985-1986)All Bill Information (Except Text)
Introduced in House (04/10/1986)
Energy Incentives and Agricultural Financial Resources Act of 1986 - Title I: Sense of Congress on Tax Reform Provisions Which Detrimentally Affect the Petroleum Industry - Declares that it is the sense of the Congress that retention of current income tax provisions relating to the petroleum industry is necessary to provide capital formation for the industry. Urges elimination of any provision of the Tax Reform Act of 1985 (H.R. 3838) or of any similar tax reform legislation which would detrimentally affect the oil depletion allowance, the deduction for intangible drilling and development costs, the credit for producing fuel from a nonconventional source, or other tax provisions favorable to the petroleum industry.
Title II: Federal Banking Agency Cooperation with Troubled Banks and Thrift Institutions - Amends the Federal Deposit Insurance Act to revise provisions concerning the extraordinary acquisition of troubled banks and thrift institutions.
Authorizes an in-State or out-of-State bank holding company or savings and loan holding company to: (1) establish a newly chartered bank in a State where an insured bank with total assets of $250,000,000 or more is closed or is in danger of failing (as determined by the Federal Deposit Insurance Corporation) for the purpose of purchasing the assets and assuming the liabilities of the closed or failing bank; (2) purchase the stock of the failing bank; (3) purchase the stock or assets of, or merge with, a bank subsidiary which is in danger of closing if the subsidiary holds 35 percent or more of the assets of a bank holding company with assets of at least $1,000,000,000; or (4) establish a newly chartered bank in the same State as the failing subsidiary to merge with, or purchase the assets and assume the liabilities of, such subsidiary or affiliated banks. Requires any such transaction to be approved by the Corporation and the primary Federal and State supervisors of each party thereto.
Provides that an out-of-State bank holding company which acquires a closed or failing bank shall not be entitled to acquire additional banks in the State in which such bank is located. Authorizes any acquired bank to retain and operate all existing branches and to establish new branches to the same extent as a national bank located at such bank's principal office. Prohibits any in-State or out-of-State bank holding company which acquires a closed or failing bank from being required to divest any other bank or from being prevented from acquiring any other bank or bank holding company by reason of such acquisition. Sets forth provisions concerning: (1) the shareholder approval of such an acquisition; and (2) the solicitation of offers and disclosure of information to prospective purchasers by the Corporation.
Amends the Garn-St Germain Depository Institutions Act of 1982 to extend the Net Worth Certificate Act for two years.
Requires the appropriate Federal banking agency to: (1) permit an insured agricultural or energy bank to account for troubled debt restructuring according to generally accepted accounting principles by not requiring a change in the recorded investment unless the investment exceeds total, reasonably anticipated, future receipts, given the new terms of the loan; (2) establish a program of capital standard forbearance for such an insured bank for which capital reduction is largely attributable to problems in the agricultural or energy sectors of the economy or any other sector of the economy experiencing financial difficulties; and (3) implement call report requirements for renegotiated loans which authorize such loans to be disclosed as "restructured and in compliance with modified terms."
Directs the Comptroller of the Currency to establish new lending limits for banks covered by the capital standard forbearance program. Prohibits such a lending limitation from exceeding 20 percent of the unimpaired capital and unimpaired surplus of the lending institution.
Creates a moratorium on the establishment of nonbank banks until July 15, 1986.
Title II: Repeal of Certain Restrictions on the Use of Natural Gas and Petroleum -(Please note that H.R.4553 has two titles numbered "Title II.") - Amends the Powerplant and Industrial Fuel Use Act of 1978 to: (1) repeal the prohibitions against the use by electric powerplants and major fuel-burning installations of petroleum and natural gas as primary energy sources; (2) remove the restrictions placed upon Federal major fuel-burning installations against the use of natural gas and petroleum as primary energy sources; and (3) repeal the guidelines for the emergency use of natural gas or petroleum as a primary energy source by any person operating a peakload powerplant or a major fuel-burning installation.
Revokes the authority of the Secretary of Energy to require any major fuel-burning installation to furnish certain information regarding the use of primary energy sources of fuel.
Amends the Natural Gas Policy Act of 1978 to repeal the natural gas incremental pricing provisions. States that incremental pricing rules promulgated by the Federal Energy Regulatory Commission (FERC) shall continue in effect only with respect to the flow-through of costs incurred before enactment of this Act, including any surcharges based on such costs.
Authorizes FERC to direct natural gas companies to provide transportation services through certificated facilities if to do so does not impair such companies' ability to render adequate service to their customers. Provides for the transportation of natural gas on a non-discriminatory basis as to class of shipper or recipient.