§ 1901 to 1910. — Omitted.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1901]
TITLE 12--BANKS AND BANKING
CHAPTER 20--CREDIT CONTROL
Secs. 1901 to 1910. Omitted
Codification
Sections 1901 to 1910 were omitted pursuant to section 1910 which
provided that the authority conferred by this chapter expired at the
close of June 30, 1982.
Section 1901, Pub. L. 91-151, title II, Sec. 202, Dec. 23, 1969, 83
Stat. 376, related to definitions for this chapter.
Pub. L. 91-151, title II, Sec. 201, Dec. 23, 1969, 83 Stat. 376,
provided that title II of Pub. L. 91-151 (this chapter) could be cited
as the ``Credit Control Act''.
Section 1902, Pub. L. 91-151, title II, Sec. 203, Dec. 23, 1969, 83
Stat. 376, directed Board of Governors of Federal Reserve System to
prescribe regulations to carry out purposes of this chapter.
Section 1903, Pub. L. 91-151, title II, Sec. 204, Dec. 23, 1969, 83
Stat. 377, related to determination of interest charges in connection
with credit transactions.
Section 1904, Pub. L. 91-151, title II, Sec. 205, Dec. 23, 1969, 83
Stat. 377, related to credit controls.
Section 1905, Pub. L. 91-151, title II, Sec. 206, Dec. 23, 1969, 83
Stat. 377, related to extent of controls.
Section 1906, Pub. L. 91-151, title II, Sec. 207, Dec. 23, 1969, 83
Stat. 378, related to reporting of extensions of credit and production
of records.
Section 1907, Pub. L. 91-151, title II, Sec. 208, Dec. 23, 1969, 83
Stat. 378, related to injunctions for noncompliance.
Section 1908, Pub. L. 91-151, title II, Sec. 209, Dec. 23, 1969, 83
Stat. 378, related to civil penalties.
Section 1909, Pub. L. 91-151, title II, Sec. 210, Dec. 23, 1969, 83
Stat. 378, related to criminal penalties.
Section 1910, Pub. L. 91-151, title II, Sec. 211, as added Pub. L.
96-508, Sec. 9, Dec. 8, 1980, 94 Stat. 2749, provided that the authority
conferred by this chapter expired at the close of June 30, 1982.
Council on Wage and Price Stability
Pub. L. 93-387, Aug. 24, 1974, 88 Stat. 750, as amended by Pub. L.
93-449, Sec. 4(e), Oct. 18, 1974, 88 Stat. 1367; Pub. L. 94-78, Secs. 2-
7, Aug. 9, 1975, 89 Stat. 411, 412; Pub. L. 95-121, Secs. 1-6, Oct. 6,
1977, 91 Stat. 1091; Pub. L. 96-10, Secs. 1-5, May 10, 1979, 96 Stat.
23; Pub. L. 96-508, Secs. 1-8, Dec. 8, 1980, 94 Stat. 2748, 2749; Pub.
L. 97-35, title III, Sec. 383, Aug. 13, 1981, 95 Stat. 432, known as the
``Council on Wage and Price Stability Act'', provided for the
establishment of a Council on Wage and Price Stability and the
appointment and compensation of members, chairman, director, and
employees; authorized cooperation with other agencies; specified the
powers and duties of the Council; directed the establishment and duties
of an Office of Productivity; specified that the Act did not authorize
the continuation or imposition of economic controls or affect the
Emergency Petroleum Allocation Act of 1973 (15 U.S.C. 751 et seq.);
provided for the disclosure of information; required annual reports;
authorized appropriations; and terminated the authority granted by the
Act on Sept. 30, 1981.
Economic Stabilization Program
Title II of Pub. L. 91-379, Aug. 15, 1970, 84 Stat. 799, as amended
by Pub. L. 91-558, title II, Sec. 201, Dec. 17, 1970, 84 Stat. 1468;
Pub. L. 92-8, Sec. 2, Mar. 31, 1971, 85 Stat. 13; Pub. L. 92-15, Sec. 3,
May 18, 1971, 85 Stat. 38; Pub. L. 92-210, Sec. 2, Dec. 22, 1971, 85
Stat. 743; Pub. L. 93-28, Secs. 1-8, Apr. 30, 1973, 87 Stat. 27-29; Pub.
L. 102-572, title I, Sec. 102(a), Oct. 29, 1992, 106 Stat. 4506, known
as the ``Economic Stabilization Act of 1970'', authorized the President,
within an established procedural framework, to stabilize prices, rents,
wages, salaries, interest rates, dividends and similar transfers, and
establish priorities for use and allocation of supplies of petroleum
products, including crude oil, and to issue standards to serve as a
guide for determining levels of wages, prices, etc., which would allow
for adjustments, exceptions and variations to prevent inequities, taking
into account changes in productivity, cost of living and other pertinent
factors. The Act provided for limitations on the exercise of
Presidential authority and allowed delegation of the performance of any
of the President's functions to appropriate officers, departments and
agencies of the United States or to entities composed of members
appointed to represent different sectors of the economy and the general
public. The Act provided for disclosure of information, subpena power,
administrative procedure, criminal and civil sanctions, injunctions and
suits for damages and other relief. The Act specified original
jurisdiction for judicial review of cases or controversies arising under
the Act or regulations issued thereunder in the district courts of the
United States, and directed that appeals of final decisions or permitted
interlocutory appeals be brought in the United States Court of Appeals
for the Federal Circuit. The Act made specific provision for small
business and mass transportation systems, required the President to
issue periodic reports to Congress, authorized appropriations, and
provided for its expiration on April 30, 1974.
Exemption From Price Restraints and Allocation Programs of First Sale of
Crude Oil and Natural Gas of Certain Leases
Pub. L. 93-153, title IV, Sec. 406, Nov. 16, 1973, 87 Stat. 590,
provided that the first sale of crude oil and natural gas liquids
produced from any lease whose average daily production did not exceed
ten barrels per well not be subject to price restraints or any
allocation program established pursuant to any Federal law, prior to
repeal by Pub. L. 94-163, title IV, Sec. 401(b)(4), Dec. 22, 1975, 89
Stat. 946. For effective date of repeal of section 406 of Pub. L. 93-
153, see section 401(b)(5) of Pub. L. 94-163.
Ex. Ord. No. 12288. Termination of Wage and Price Regulatory Program
Ex. Ord. No. 12288, Jan. 29, 1981, 46 F.R. 10135, provided:
By the authority vested in me as President and as Commander in Chief
of the Armed Forces by the Constitution and laws of the United States of
America, including Sections 2(c) and 3(a) of the Council on Wage and
Price Stability Act, as amended (12 U.S.C. 1904 note), and Section
205(a) of the Federal Property and Administrative Services Act of 1949,
as amended (40 U.S.C. 486(a)) [now 40 U.S.C. 121(a)], and in order to
terminate the regulatory burdens of the current wage and price program,
it is hereby ordered as follows:
Section 1. Executive Order No. 12092, as amended, is revoked.
Sec. 2. The head of each Executive agency and military department,
including the Council on Wage and Price Stability and the Office of
Federal Procurement Policy, is authorized to take appropriate steps to
terminate actions adopted in response to Executive Order No. 12092, as
amended.
Ronald Reagan.