Masonry Magazine August 1976 Page. 20
Washington Wire
(Continued from page 19)
The Federal Reserve means more work for business, although the "Fed" has taken some steps to ease the administrative burden. The new proposal is meant to implement the Equal Credit Opportunity Act, which bars discrimination in granting credit on the basis of religion, age, race, color, national origin, and welfare-benefit status. Under the rules, creditors must supply applicants with written reasons for denying credit, terminating credit, or for refusing to increase an applicant's credit limit.
The Fed plans to supply model credit-application forms to small businesses. It recognizes that many small creditors have difficulty with forms. Creditors who use the model forms would be sure of being in compliance with the rules.
COMPANIES LEASING ITEMS TO CONSUMERS
FACE new Federal regulations. The Federal Reserve has issued proposed regulations to implement a new law. The intent of the law is to make consumers able to compare costs of leasing personal property having a value under $25,000 with the costs of buying it. The new rules place certain limits on the leasee at the end of the lease, and require meaningful and accurate disclosure of terms in lease contracts.
Among items that must be disclosed are the schedule and amount of payments, any payment to be paid by the leasee at final termination of a lease, all other charges which aren't included in periodic payments, and a statement of all warranties or guarantees on the leased property.
THE LABOR DEPARTMENT IS MOVING AHEAD
ON NOISE-CONTROL regulations. Likely result: New, costly and unproductive spending by many businesses. Hearings will be held later this month on the proposed noise-control rules. Questions such as how long employers should be given to meet the standards will be considered. The noise ruling, pending at Labor since October 1975, would affect more than 4.5 million production workers in American industry.
The noise-control rules can cost business up to $18 billion a year, if the department were to limit worker exposure to 85 decibels each shift. A top of 90 decibels, averaged over eight hours, would cost $10 billion. Labor wants to retain the 90-decibel standard at the present time, but to require monitoring and hearing tests when noise tops 85 decibels. Such testing would cost industry a further $240 million.
THE PENTAGON IS DRAFTING A POLICY TO
SPUR SPENDING by contractors. It will reward those defense suppliers who invest heavily in new facilities, allowing them to make higher profits than any contractor who doesn't spend. Although the new policy is being designed primarily for major contractors, it will also apply to small companies-those performing subcontract work. The idea is to encourage defense contractors to use more modern equipment, in the hope that this will lead to production efficiencies and lower costs.
Defense plans to revise the formula it uses for determining profits, giving more weight to a contractor's investment and risks and less to costs. The current (Continued on page 22)
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