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TITLE VII—GENERAL
PROVISIONS
SEC. 701. STUDY OF EFFECT OF THE NORTHERN SPOTTED
OWL ON SMALL BUSINESS CONCERNS.
(a) DEFINITIONS.—For purposes of this section—
(1) the term ‘‘Administrator’’ means the Admin-
istrator of the Small Business Administration; and
(2) the term ‘‘small business concerns’’ has the
same meaning as in section 3 of the Small Business
Act.
(b) BUSINESS STUDY.—The Administrator in con-
sultation with the Secretary of the Interior shall conduct
a study that analyzes—
(1) the nature and extent of economic losses to
small business concerns in the forest products indus-
try that have occurred as a result of the designation
of the Northern spotted owl as a threatened species
pursuant to section 4 of the Endangered Species Act
of 1973, or that are reasonably likely to occur in the
future;
(2) the ability of small business concerns to re-
coup the fair market value of equipment and other
property employed in the harvest and processing of
timber prior to the listing of the Northern spotted owl
as a threatened species; and
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(3) the ability of small business concerns in the
affected area to offer alternative products or services
for which there is a ready or likely suitable market.
(c) REPORT.—
(1) IN GENERAL.—Not later than 6 months after
the date of enactment of this section, the Adminis-
trator and the Secretary of the Interior shall submit
a report of the results of the study conducted under
subsection (c) to the President and to the relevant
committees of the Senate and the House of Represent-
atives.
(2) OPTIONS.—The report shall include options
for Congress and the President for compensating
small business concerns for economic losses and for
promoting business transition and diversification.
(3) CONSULTATION.—In preparing the report,
the Administrator and the Secretary of the Interior
shall consult with small business concerns in the for-
est products industry, and shall solicit comments
from the public.
SEC. 702. NEGATIVE INFORMATION ABOUT CONSUMER.
Section 609(a) of the Fair Credit Reporting Act (15
U.S.C. 1681g(a)) is amended by adding after paragraph
(3) the following:
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‘‘(4) The dates, original payees, and amounts of
any checks upon which is based any negative infor-
mation about the consumer included in the file at the
time of the disclosure.’’.
SEC. 703. UNITED NATIONS RESOLUTIONS CONCERNING
JERUSALEM.
(a) FINDINGS.—The Congress finds that—
(1) for three thousand years Jerusalem has been
the focal point of jewish religious devotion;
(2) Jerusalem is also considered a holy city by
the members of other religious faiths;
(3) the once thriving Jewish community of the
historic Old City of Jerusalem was driven out by
force during the 1948 Arab-Israeli War;
(4) from 1948 to 1967, Jerusalem was a divided
city and Israeli citizens of all faiths as well as Jewish
citizens of all states were denied access to holy sites
in the area controlled by Jordan;
(5) in 1967, Jerusalem was reunited during the
conflict known as the Six Day War;
(6) since 1967, Jerusalem has been a united city
administered by Israel and persons of all religious
faiths have been guaranteed full access to holy sites
within the city;
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(7) in 1990, the United States Senate and House
of Representatives overwhelmingly adopted Senate
Concurrent Resolution 106 and House Concurrent
Resolution 290 declaring that Jerusalem, the capital
of Israel, ‘‘must remain an undivided city’’;
(8) the Vice President has stated the Administra-
tion’s intention not to ‘‘forget the meaning of Jerusa-
lem’’;
(9) the Secretary of State recently reiterated
United States opposition to attempts in the United
Nations to refer to Jerusalem as ‘‘occupied territory’’;
(10) it is reported that the United Nations Secu-
rity Council may consider a resolution condemning
the Hebron massacre but which also refers to Jerusa-
lem as ‘‘occupied’’ territory.
(b) SENSE OF CONGRESS.—Therefore, it is the sense
of the Congress that—
(1) the Administration should be commended for
its efforts not to ‘‘forget the meaning of Jerusalem’’
and to oppose attempts in the United Nations to refer
to Jerusalem as ‘‘occupied’’ territory;
(2) sacrificing core principles for short term ob-
jectives will ultimately retard, not advance, the peace
process;
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(3) the United States should exercise its veto in
the United Nations Security Council on any Security
Council resolution that states or implies that Jerusa-
lem is ‘‘occupied’’ territory.
SEC. 704. AMENDMENT TO THE FEDERAL RESERVE ACT.
SECTION 11.—Section 11 of the Federal Reserve Act
(12 U.S.C. 248) is amended by inserting at the end thereof
the following new subsection:
‘‘(p) AUTHORITY.—The Board of Governors of the Fed-
eral Reserve System and the Federal Open Market Commit-
tee may each act in the Board’s or the Committee’s own
name and through the Board’s or the Committee’s own at-
torneys in enforcing any provision of this title, regulations
thereunder, or any other law or regulation, or in any ac-
tion, suit, or proceeding to which the Board of Governors
of the Federal Reserve System or the Federal Open Market
Committee is a party.’’.
SEC. 705. OVERSIGHT HEARINGS.
It is the sense of the Senate that—
(a) Congress has a constitutional obligation to
conduct oversight of matters relating to the operations
of the Government, including matters related to any
governmental investigations which may, from time to
time, be undertaken.
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(b) the Majority Leader and the Republican
Leader should meet and determine the appropriate
timetable, procedures, and forum for appropriate
Congressional oversight, including hearings on all
matters related to ‘‘Madison Guaranty Savings and
Loan Association (‘MGS&L’), Whitewater Develop-
ment Corporation and Capital Management Services
Inc. (‘CMS’).’’.
(c) no witness called to testify at these hearings
shall be granted immunity under sections 6002 and
6005 of title 18, United States Code, over the objec-
tion of Special Counsel Robert B. Fiske, Jr.
(d) the hearings should be structured and
sequenced in such a manner that in the judgment of
the Leaders they would not interfere with the ongoing
investigation of Special Counsel Robert B. Fiske, Jr.
SEC. 706. INSURANCE TRANSFER AGREEMENT.
(a) SENSE OF SENATE.—It is the sense of the Senate
that no insurer shall enter into a transfer agreement or
transfer a contract of insurance pursuant to a transfer
agreement unless the transferring insurer has first provided
or caused to be provided to each policyholder of the insurer
affected by the agreement a notice of the intent of the in-
surer to transfer the contract of insurance held by such pol-
icyholder.
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official of the transferring insurer and the as-
suming insurer;
(11) a statement setting forth the financial con-
dition of the transferring insurer and of the assuming
insurer under the proposed transfer agreement, and
the effect the transaction will have on the financial
condition of each such insurer;
(12) an opinion by a disinterested third-party
expert, such as an actuary, finding that the transfer
is fair and in the best interests of the policyholders
affected by the transfer, and a statement that the re-
port on which the opinion is based is available at no
cost by writing or calling an address and phone num-
ber listed in the statement.
Attest:
Secretary.
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