A bill to amend sections 306 and 308 of the Rural Electrification Act of 1936, as amended.
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
(LATEST SUMMARY) Provides, under the Rural Electrification Act of 1936, relating to rural telephone accounts, that any security, representing beneficial ownership in a note or block of notes guaranteed under this title, issued by a private entity shall be exempt from laws administered by the Securities and Exchange Commission, except those sections specified in this Act, dealing with fraudulent interstate transactions, jurisdiction of offenses and suits, and penalties, respectively. Provides that the Administrator shall require that: (1) the issuer place such notes in the custody of an institution chartered by a Federal or State agency to act as trustee and (2) the issuer provide such periodic reports of sales as the Administrator deems necessary. States that evidences of indebtedness, issued by such a legally organized lending agency, shall at all times be secured by: (1) a principal amount of, and interest which has accrued on, guaranteed loans, (2) an amount of cash, or (3) a principal amount of, and interest which has accrued on, any securities of a class exempted by the Securities Act of 1933, as amended, from the provisions of such Act. Provides that any combination of the foregoing, in an aggregate amount which shall at least equal the principal amount of, and interest which has accrued on, said evidences of indebtedness, shall be exempt from laws administered by the Securities and Exchange Commission, except those sections specified in this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Passed House amended" stage on May 21, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on September 25, 1974: Referred to Senate Committee on Banking, Housing and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
WILLIAM POAGE (D-TX) introduced it on February 4, 1974. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on February 4, 1974, 19211 days ago. The most recent recorded action was 18978 days ago, on September 25, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers