An Act to extend Public Law 480, Eighty-third Congress, for 2 years, and for other purposes
PL 90-436 (S.2986), enacted 07/29/1968

450 
PUBLIC LAW 90-436-JULY 29, 1968 
[82 STAT. 
(1) Section 4 is amended by striking the date "November 1, 1968" 
where appearing and inserting in lieu thereof "November 1, 1970". 
(2) Section 5 is amended by striking the date "November 2, 1968" 
where appearing in the last sentence and inserting in lieu thereof 
"November 2, 1970". 
Approved July 27, 1968. 
Public Law 90-436 
July 29, 1968 
[S.2986] 
Agricultural 
trade develop-
ment and assist-
ance. 
80 Stat. 1537. 
7 use 1736c. 
7 use 1704. 
7 use 1709. 
AN ACT 
20 u s e 511. 
22 u s e 2451 
note; 20USe 1171 
note, 1001 note, 
821 note, 951 
note; 47 use 390 
note. 
7 use 1703. 
To extend the Agricultural Trade Development and Assistance Act of 1954, 
as amended, and for other purposes. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That section 409 
of the Agricultural Trade Development and Assistance Act of 1954, 
as amended, is amended by striking out "December 31, 1968" and 
inserting in lieu thereof "December 31,1970". 
SEC. 2. (a) Section 104(h) of such Act is amended by inserting before 
the semicolon at the end thereof the following: ". Not less than 5 per 
centum of the total sales proceeds received each year shall, if requested 
by the foreign country, be used for voluntary programs to control 
population growth". 
(b) Section 109(a) of such Act is amended by striking out the word 
"and" at the end of clauses (7) and (8), changing the period at the 
end of such subsection to a semicolon, and adding the following: 
"(10) carrying out voluntary programs to control population 
growth." 
SEC. 3. Section 104(b) (2) of such Act is amended to read as follows: 
"(2) finance with not less than 2 per centum of the total sales 
proceeds received each year in each country activities to assist 
international educational and cultural exchange and to provide 
for the strengthening of the resources of American schools, col-
leges, universities, and other public and nonprofit private educa-
tional agencies for international studies and research under the 
programs authorized by title VI of the National Defense Educa-
tion Act, the Mutual Educational and Cultural Exchange Act of 
1961, the International Education Act of 1966, the Higher Educa-
tion Act of 1965, the Elementary and Secondary Education Act 
of 1965, the National Foundation on the Arts and the Humanities 
Act of 1965, and the Public Broadcasting Act of 1967;". 
SEC. 4. Section 103(b) of the Agricultural Trade Development and 
Assistance Act.of 1954, as amended, is amended by striking out the 
proviso at the end thereof and substituting the following: ": Pro-
vided^ That, except where he determines that it would be inconsistent 
with the objectives of the Act, the President shall determine the 
amount of foreign currencies needed for the uses specified in subsec-
tions (a), (b), (c), (e), and (h) of section 104, and the agreements 
for such credit sales shall provide for payment of such amounts in 
dollars or in foreign currencies upon delivery of the agricultural com-
modities. Such payment may be considered as an advance payment 
of the earliest installments." 
SEC. 5. Such Act is further amended by deleting the period at the 
end of subsection (n) of section 103 and inserting in lieu thereof a 
semicolon and adding new subsections (o), (p), and (q) to section 103 
as follows: 
"(o) Take steps to assure that the United States obtains a fair share 
of any increase m commercial purchases of agricultural commodities 
by the purchasing country; 
82 STAT. ] 
PUBLIC LAW 90-436-J ULY 29, 1968 
451 
"(p) Assure convertibility at such uniformly applied exchange rates 
as shall be agreed upon of up to 50 per centum of the foreign cur-
rencies received pursuant to each agreement by sale to United States 
or purchasing country contractors for payment of wages earned in the 
development and consummation of works of public improvement in 
the purchasing country; and 
"(q) Assure convertibility of up to 50 per centum of the foreign 
currencies received pursuant to each agreement by sale to United States 
importers for the procurement of materials or commodities in the 
purchasing country." 
SEC. 6. Section 104 is amended by deleting the word "and" at the 
so stat. 1528. 
end of subsection (i) and deleting the colon after subsection (j) and 
^ "^^ ^''°'*' 
inserting in lieu thereof "; and", and adding the following new sub-
paragraph (k) : 
"(k) for paying, to the maximum extent practicable, the costs 
of carrying out programs for the control of rodents, insects, weeds, 
and other animal or plant pests;". 
SEC. 7. Section 303 of the Act is amended by adding at the end 
Barter, 
thereof the following: ''Barter or exchange of agricultural commod- 
y^us^c^ieVa^^ 
ities under clause (a) of this section shall be limited to exchange for 
materials which originate in the country to which the surplus agricul-
tural commodities are exported and to arrangements which will pre-
vent resale or transshipment of the agricultural commodities to other 
countries." 
SEC. 8. Section 407 of the Act is amended by striking out the entire 
Advisory com-
section and substituting the following: 
mittee. 
"SEC. 407. There is hereby established an Advisory Committee 
y^us^c'r/a"! 
composed of the Secretary of State, the Secretary of the Treasury, the 
Secretary of Agriculture, the Director of the Bureau of the Budget, the 
Administrator of the Agency for International Development, the 
chairman and the ranking minority member of both the House Com-
mittee on Agriculture and the House Committee on Foreign Affairs, 
and the chairman and the ranking minority member of both the 
Senate Committee on Agriculture and Forestry and the Senate Com-
mittee on Foreign Relations, The Advisory Committee shall survey the 
general policies relating to the administration of the Act, including 
the manner of implementing the self-help provisions, the uses to be 
made of foreign currencies which accrue m connection with sales for 
foreign currencies under title I, the amount of currencies to be 
reserved in sales agreements for loans to private industry under section 
104(e), rates of exchange, interest rates, and the terms under which 
dollar credit sales are made, and shall advise the President with 
respect thereto. The Advisory Committee shall meet not less than four 
times during each calendar year at the call of the Acting Chairman of 
such Committee who shall preside in the following order: The chair-
man of the House Committee on Agriculture, the chairman of the 
Senate Committee on Foreign Relations, the chairman of the Senate 
Committee on Agriculture and Forestry, and the chairman of the 
House Committee on Foreign Affairs." 
SEC. 9. Section 102 of the Act is amended by striking out the period 
Financing for 
at the end thereof and adding a oolon and thQ following: '•''Provided^ fn North viKnam 
That the Commodity Credit Corporation shall not finance the sale and commerce. 
export of agricultural commodities under this Act for any exporter 
' "^^ ^'^^'^• 
which is engaging in, or in the six months immediately preceding the 
application for such financing has engaged in, any sales, trade, or 
commerce with North Vietnam, or with any resident thereof, or which 
owns or controls any company which is engaging in, or in such period 
has engaged in, any such sales, trade, or commerce, or which is owned 
or controlled by any company or person wliich is engaging in, or which 
452 
PUBLIC LAW 90-437-JULY 29, 1968 
[82 STAT. 
ill such period lias engaged in, any such sales, trade, or commerce either 
directlj^ or through any branch, subsidiary, affiliate, or associated 
company: Provided further^ That such application for financing must 
be accomjianied by a statement in which are listed by name, address, 
and chief executive officers all branches, affiliates, subsidiaries and 
associated companies, foreign and domestic, in which the applicant 
has a controlling interest and similar information for all companies 
which either directly or through subsidiaries or otherwise have a con-
trolling interest in the applicant company." 
Approved July 29, 1968. 
Public Law 90-437 
July 29, 1968 
[S. 1299] 
Over-the-
counter securi-
ties. 
Margin require-
ments. 
48 Stat. 886. 
AN ACT 
To amend the Securities Exchange Act of 1934 to permit regulation of the amount 
of credit that may be extended and maintained with respect to securities that 
are not r^stered on a national securities exchange. 
Be it enmted hy the Senate and House of Representatives 
of the 
United States of America in Congress assenfibled^ Thait section 7 of 
the Securities Exchange Act of 1934 (15 IT.S.C. 78g) is amended— 
(1) by striking out "registered on a national securities ex-
change" in subsection (a) ; 
(2) by amending subsection (c) to read as follows: 
•'(c) It shall be unlawful for any member of a national securities 
exchange or any broker or dealer, directly or indirectly, to extend or 
maintain credit or arrange for the extension or maintenance of credit 
to or for any customer— 
"(1) on any security (other than an exempted security), in 
contravention of the rules and regulations which the Board of 
Governors of the Federal Reserve System shall prescribe under 
subsections (a) and (b) of this section; 
"(2) wit^hout collateral or on any collateral other than secu-
rities, except in accordance with such rules and regulations as the 
Board of Governors of the Federal Reserve System may prescribe 
(A) to permit under specified conditions and for a limited period 
any such member, broker, or dealer to maintain a credit initially 
extended in conformity with the rules and regulations of the 
Board of Governors of the Federal Reserve System, and (B) to 
permit the extension or maintenance of credit in cases where the 
extension or maintenance of credit is not for the purpose of pur-
chasing or carrying securities or of evading or circumventing the 
provisions of paragraph (1) of this subsection." 
(3) by striking out "registered on a national securities 
exchange" in the first sentence of subsection (d) and "registered 
on national securities exchanges" in the second sentence of that 
subsection. 
Approved July 29, 1968.