97TH CONGRESS 2D SESSION

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP85-00988R000200170008-5
• Release Decision: RIFPUB
• Original Classification: K
• Document Page Count: 2
• Document Creation Date: December 16, 2016
• Document Release Date: December 2, 1998
• Sequence Number: 8
• Publication Date: January 31, 1978
• Content Type: REGULATION

Approved F elease 2005/06/22: CIA-RDP85-00R000200170008-5
9G'rrr. CO\C:xlt>?:SS
21) SESSION
R. 10627
IN '1111", 'HOUSE O1'
\[r. I)r,ix:v;v in1ro(lne('(I tlie. fn1lovVing kill; which was referre(l jointly 10 the
Conunit(ee~ on (lnvk~rntnent Olmrilions mud Snia11 Business
To
am end the Office of Fcdernl Procurement Policy Act to
require the payment of interest by Federal agencies on
overdue payments to small I)usincas concerns.
Be it enacted by the Senate and House o f Representa-
tives of the United Stales o f America in Congress assembled,
'1'1)n[ tuns Act may be cited as the "Small P>usiuess Colt-
1: tr,(cling Equity Net".
:) SEc. 2. Section (; ((I) of flue Office of Federal Procnre-
(; bent Policy Act is amended-
71) l)y striking onI lac period at tee end of para-
!~ri)1)u (C;) and inserting in lien thereof a semicolon;
9 ApproW kl For Release 2005/06/22 : CIA-RDP85-00988R000200170008-5
 Approved FeIRelease 2005/06/22: CIA-RDP85-009000200170008-5
2
(2) by inserting itmnedi;, after such paragraph
the following new paragraph:
" (7) promulgating, not later than 90 days after
the date of enactment of this paragraph, regulations.
requiring, with respect to any contract with a small busi-
ness concern, as that term is defined by the Small
Business Administration pursuant to section 3 of the
Small Business Act;, the payment of interest upon the
amount due for the period from the date on which such
payment is due to the (late on which such payment is
made, including- any period of litigation or dispute con-
12 corning such payment. Such interest is to be applied
1 3 at a quarterly rate equal to one quarter of the weighted
11 average annual rate of interest on short-term commercial
15 and industrial loans of less than $100,000 made by bank-
16 ing institutions during the calendar quarter preceding
17 each quarter during which payment is past due, as
18 determined by the Board of Governors of the Federal
19 Reserve for general statistical purposes, except that
20 such interest shall not accrue if the amount; dnc is paid
21 within 30 days of the date on which it is due.".
Approved For Release 2005/06/22 : CIA-RDP85-00988R000200170008-5