An Act to lower the age requirements with respect to optional retirement of persons serving in the Coast Guard who served in the former Lighthouse Service.
PL 84-87 (S.1419), enacted 06/21/1955

166 
PUBLIC LAW 87-JUNE 21, 1955 
[69 S T A T . 
E s c a p e clause 
operation. 
65 Stat. 74. 
P u b l i c a t i o n of 
findings in FR. 
Definitions. 
68 Stat. 360. 
im-
ODM. 
Reports on 
ports i m p a i r i n g 
national sectirity. 
SEC. 5. The last sentence of subsection (a) of section 7 of the Trade 
Agreements Extension Act of 1951, as amended (19 U. S. C, sec. 1364 
(a)), is amended to read as follows: "The Tariff Commission shall 
immediately make public its findings and recommendations to the 
President, including any dissenting or separate findings and recom-
mendations, and shall cause a summary thereof to be piu)lished in the 
Federal Register.". 
SEC. 6. (a) Subsection (b) of section 7 of the Trade Agreements 
Extension Act of 1951, as amended (19 U. S. C, sec. 1364 (b)), is 
amended by adding at the end thereof the following: "Increased 
imports, either actual or relative, shall be considered as the cause or 
threat of serious injury to the domestic industry producing like or 
directly competitive products when the Commission finds that such 
increased imports have contributed substantially towards causing or 
threatening serious injury to such industry.". 
(b) Section 7 of the Trade Agreements Extension Act of 1951, as 
amended (19 U. S. C, sec. 1364), is amended by adding at the end 
thereof the following new subsection: 
"(e) As used in this Act, the terms 'domestic industry producing 
like or directly competitive products' and 'domestic industry producing 
like or directly competitive articles' mean that portion or subdivision 
of the producing organizations manufacturing, assembling, processing, 
extracting, growing, or otherwise producing like or directly competi-
tive products or articles in commercial quantities. 
In applying the 
preceding sentence, the Commission shall (so far as practicable) dis-
tinguish or separate the operations of the producing organizations 
involving the like or directly competitive products or articles referred 
to in such sentence from the operations of such organizations involving 
other products or articles.". 
SEC. 7. Section 2 of the Act entitled "An Act to extend the authority 
of the President to enter into trade agreements under section 350 of the 
Tariff Act of 1930, as amended", approved July 1, 1954 (19 U. S. C , 
sec. 1352a), is hereby amended by inserting " ( a ) " after "SEC. 2." and 
by adding at the end thereof a new subsection as follows: 
"(b) In order to further the policy and purpose of this section, 
whenever the Director of the Office of Defense Mobilization has reason 
to believe that any article is being imported into the United States in 
such quantities as to threaten to impair the national security, he shall 
so advise the President, and if the President agrees that there is reason 
for such belief, the President shall cause an immediate investigation 
to be made to determine the facts. 
If, on the basis of such investiga-
tion, and the report to him of the findings and recommendations 
made in connection therewith, the President finds that the article is 
being imported into the United States in such quantities as to threaten 
to impair the national security, he shall take such action as he deems 
necessary to adjust the imports of such article to a level that will not 
threaten to impair the national security.". 
Approved June 21, 1955. 
June 21, 1955 
[S. 1419] 
Public Law 87 
CHAPTER lYU 
AN ACT 
To lower the age requirements with respect to optional retirement of i)ers()ns 
serving in the Coast Guard who served in the former Lighthouse Service. 
Lighthouse Serv^ 
ice. 
Retirement age. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That section 6 of 
the Act entitled "An Act to authorize aids to navigation and for other 
fi9 S T A T . 1 
PUBLIC LAW 88-JUNE 21, 1955 
167 
works in the Lighthouse Service, and for other purposes", approved 
June 20, 1918, as amended (33 U. S. C, sec. 763), is amended by 
striking out "who shall have reached the age of sixty-five years, after 
having been thirty years in the active service of the Government," 
and inserting in lieu thereof the following: "who (1) shall have 
reached the age of sixty years, after having been thirty years in the 
active service of the Government, or (2) shall have reached the age 
of sixty-two years, after having been twenty-five years in the active 
service of the Government,". 
SP:C. 2. This Act shall take effect on the first day of the second month 
beginning after tlie date of enactment of this Act. 
Approved June 21, 1955. 
40 Stat. 608. 
Effective date. 
Public Law 
CHAPTER 171 
AN ACT 
To amend the Servicemen's Readjustment Act of 1944 to extend the authority 
of the Administrator of "Veterans' Affairs to make direct loans, and to authorize 
the Administrator to make additional types of direct loans thereunder, and for 
other purposes. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of Arnerica in Congress assembled, That subsection (a) 
of section 512 of the Servicemen's Readjustment Act of 1944 (38 
U. S. C, sec. 6941) is hereby amended to read as follows: 
"SEC. 512. (a) (1) Upon application by a veteran eligible for the 
benefits of this title, the Administrator is authorized and directed to 
make, or enter into a commitment to make, the veteran a loan for any 
of the following purposes: 
"(A) To purchase or construct a dwelling to be owned and 
occupied by him as a home; 
"(B) To purchase a farm on which there is a farm residence to 
be occupied by the veteran as his home; 
"(C) To construct on land owned by the veteran a farm 
residence to be occupied by him as his home; or 
"(D) To repair, alter, or improve a farm residence or other 
dwelling owned by the veteran and occupied by him as his home; 
if the Administrator finds that in the area in which the dwelling, farm, 
or farm residence is located or is to be constructed, private capital is 
not available for the financing of the purchase or construction of dwell-
ings, the purchase of farms with farm residences, or the construction, 
repair, alteration, or improvement of farm residences or other dwell-
ings, as the case may be, by veterans under this title. 
In case there 
is an indebtedness which is secured by a lien against land owned by 
the veteran, the proceeds of a loan made under this section for the 
construction of a dwelling or farm residence on such land may be 
expended also to liquidate such lien, but only if the reasonable value 
of the land is equal to or in excess of the amount of the lien. 
" (2) No loan shall be made under this section to a veteran unless he 
shows to the satisfaction of the Administrator— 
"(A) that he is a satisfactory credit risk; 
"(B) that the payments to be required under the proposed loan 
bear a proper relation to the veteran's present and anticipated 
income and expenses; 
"(C) that he is unable to obtain from private lending sources 
in such area at an interest rate not in excess of the rate authorized 
June 21. 1955 
[S. 6^4] 
Veterans' loans. 
64 Stat. 75. 
Purposes. 
Conditions.