The other Committee amendment makes permanent section 6(2) of Public Law 89-597 which allows the Federal Open Market Committee to buy and sell in the open market any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, any agency of the United States. The purpose of this section of the law is to increase the flexibility of open market operations and transactions in an effort to make such securities more attractive to private investors. Since this objective is both long range and in order to be effective must be permanent. CHANGES IN TEXT OF EXISTING STATUTES In compliance with clause 3 of rule XIII of the Rules of the House of Representatives, the text of existing Federal statutes or parts thereof which the bill, as reported, would amend or repeal is printed below, with the proposed changes shown (a) by enclosing in black brackets material to be omitted, and (b) by printing the new matter in italic type. SECTION 7 OF THE ACT OF SEPTEMBER 21, 1966 (Public Law 89-597; 80 Stat. 823) [SEC. 7. The provisions of the preceding sections of this Act shall be effective only during the two year period which begins on the date of enactment of this Act. Upon the expiration of such period, each provision of law amended by this Act is further amended to read as it did immediately prior to the enactment of this Act.] SEC. 7. Effective September 22, 1969— (1) section 19(j) of the Federal Reserve Act (12 U.S.C. 371b) is amended to read as it would without the amendment made by section 2(c) of this Act; (2) the second and third sentences of section 18(g) of the Federal Deposit Insurance Act (12 U.S.C. 1828(g)) are amended to read as they would without the amendment made by section 3 of this Act; and (3) section 5B of the Federal Home Loan Bank Act (12 U.S.C. 14256) is repealed. О JULY 26, 1968.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. MILLS, from the Committee on Ways and Means, REPORT [To accompany H.R. 6909] The Committee on Ways and Means, to whom was referred the bill (H.R. 6909) to amend item 709.10 of the Tariff Schedules of the United States to provide that the rate of duty on parts of stethoscopes shall be the same as the rate on stethoscopes, having considered the same, report favorably thereon with amendments and recommend that the bill as amended do pass. The amendments are as follows: On the first page strike out line 3, 4, and 5 and insert the following: That (a) the article description for item 709.10 of the Tariff Schedules of the United States (19 U.S.C. 1202) is amended to read as follows: "Percussion hammers, stethoscopes, and parts of stethoscopes". On the first page, line 10, strike out "collector of". PURPOSE The purpose of H.R. 6909, as amended, is to provide that the rate of duty on parts of stethoscopes shall be the same as the rate of duty on stethoscopes. Stethoscopes are presently dutiable under tariff schedule item number 709.10 at 17 percent ad valorem, the first stage of a five-stage duty reduction from 19 percent to 9.5 percent ad valorem pursuant to the Kennedy round of trade negotiations. Parts of stethoscopes are presently classified under item 710.27 at 32 percent ad valorem, the first stage of a five-stage duty reduction from 36 percent to 18 percent pursuant to the Kennedy round agreement. GENERAL STATEMENT The existing differential between the dutiable status of stethoscopes and parts of stethoscopes was created by the Technical Amendments Act of 1965 under which the rate of duty on stethoscopes of 36 percent was reduced to 19 percent ad valorem in conformity with a U.S. Customs Court decision. However, the same provision was not made for parts of stethoscopes in the act of 1965, and for this reason, parts of stethoscopes have continued to be dutiable at 36 percent ad valorem until the rate was recently reduced to 32 percent pursuant to the Kennedy round agreement. The bill would provide the same rate of duty on parts of stethoscopes as would be applicable to stethoscopes by adding "and parts of stethoscopes" to the item description of item 709.10 of the tariff schedules. In recognition of the omission of parts of stethoscopes in the change in classification made for stethoscopes in the Technical Amendments Act of 1965, the bill provides that import entries of parts of stethoscopes made after August 30, 1963 and on or before the date of enactment may be liquidated or reliquidated at the lower rate of duty upon a request therefor filed with the customs officer concerned on or before 120 days after enactment. Favorable reports on this bill were received from the Departments of State, the Treasury, Labor, and Commerce. An informative report was received from the Tariff Commission. Your committee is unanimous in recommending the enactment of the bill. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED In compliance with clause 3 of rule XIII of the Rules of the House of Representatives, changes in existing law made by the bill, as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, existing law in which no change is proposed is shown in roman): TARIFF SCHEDULES OF THE UNITED STATES ANNOTATED SCHEDULE 7.-SPECIFIED PRODUCTS; MISCELLANEOUS AND NONENUMERATED PRODUCTS PART 2.-OPTICAL GOODS; SCIENTIFIC AND PROFESSIONAL INSTRUMENTS; WATCHES, CLOCKS, AND TIMING DEVICES; PHOTOGRAPHIC GOODS; MOTION PICTURES; RECORDINGS AND RECORDING MEDIA Subpart B headnote: 1. This subpart does not cover (i) medical supplies provided for in part 13C of schedule 4; (ii) spectacles, lorgnettes, goggles, and similar articles; microscopes and diffraction apparatus (see subpart A of this part); (iii) clinical thermometers and laboratory instruments and appliances (see subpart D of this part); or (iv) cameras (see subpart F of this part). Medical, dental, surgical and veterinary instruments and ap- Optical instruments and appliances, and parts thereof: Mirrors and reflectors... 709.01 709.03 709.05 Binocular loupes for eye examinations.. 22% ad val. 45% ad val. 45% ad val. 60% ad val. |