Amends the Merchant Marine Act, 1936 to authorize the Secretary of Transportation, in the event of a default, to assume the obligor's rights and duties under a loan or other security agreement guaranteed by the Secretary to finance the purchase of vessels.
Exempts from the automatic stay of bankruptcy proceedings the commencement of an action to foreclose a mortgage on a vessel by the Secretary and the Secretary of Commerce under the Ship Mortgage Act, 1920 and the Merchant Marine Act, 1936.
Terminates the authority of the Federal Maritime Commission to initiate investigations necessary to carry out the provisions of the Merchant Marine Act, 1936. Reserves such investigations to the Secretary of Transportation.
Extends the authority of the Secretary to provide war risk insurance and reinsurance until September 30, 1989. (Currently such authority expires on September 30, 1984.)
Became Public Law No: 98-595.
Introduced in House
Introduced in House
Referred to House Committee on The Judiciary.
Referred to House Committee on Merchant Marine and Fisheries.
Executive Comment Requested from DOT.
Referred to Subcommittee on Merchant Marine.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Forwarded by Subcommittee to Full Committee (Amended).
Committee Consideration and Mark-up Session Held.
For Further Action See H.R.5833.
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