Federal Oil Import Corporation Act
Latest action. Referred to House Committee on the Judiciary.
Federal Oil Import Corporation Act - Establishes a nonprofit corporation to be known as the Federal Oil Import Corporation, to be managed by a Board of Directors to be appointed by the President with the advice and consent of the Senate. Establishes an Advisory Council to the Corporation, composed of officers of specified Federal agencies and departments, to meet periodically with the Corporation to discuss matters and activities of the Corporation pertaining to the various departments and agencies represented. Directs the Corporation to act as purchasing authority for: (1) the importation into the United States of crude oil and petroleum products; (2) crude oil produced outside the United States for sale to qualified buyers who intend to refine it outside the United States for future importation into the United States; and (3) crude oil petroleum products produced outside the United States for sale to the Strategic Petroleum Reserve. Directs the Corporation to sell the crude oil and petroleum products it has acquired: (1) only to qualified buyers free on board at point of purchase; and (2) exclusively for importation into the United States. Requires a qualified buyer to be: (1) a U.S. citizen; (2) a person organized or existing under the laws of any State or of the United States; or (3) an agency or instrumentality of the United States of any State. Directs the Corporation to use the knowledge and experience gained by it to aid the Department of Energy in regulating and overseeing the activities of corporations and other persons importing crude oil and petroleum products into the United States. Sets forth the powers of and restrictions on the Corporation. Directs the Corporation to annually report to Congress. Provides for an annual audit of the Corporation. Establishes a Public Energy Fund in the Treasury of the United States into which shall be deposited revenues from activities of the Corporation. Provides that such funds, including appropriated funds as authorized by the Congress, shall be used by the Corporation for carrying out this Act. Makes it a crime for any officer, employee, or person acting for or on behalf of the United States or any department or agency thereof to prematurely disclose information concerning crude oil or petroleum products required to be withheld from publication until a fixed time or to speculate directly or indirectly in any such product by buying or selling the same in quantity before such information is made public through regular official channels. Repeals the standby purchase authority of the President under the Emergency Petroleum Allocation Act of 1973.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on December 18, 1979. 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 December 18, 1979: Referred to House Committee on the Judiciary.
- 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 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 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?
CHARLES VANIK (D-OH) introduced it on December 18, 1979. 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 December 18, 1979, 17068 days ago. The most recent recorded action was 17068 days ago, on December 18, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 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