Masonry Magazine April 1975 Page. 23
CONGRESS WILL MOVE TOUGHER ON FOREIGN INVESTMENTS
Congress will move tougher on foreign investments. The measure is designed to discourage Arab nations from using petrodollars to buy up U.S. companies and to discourage participation in the economic boycott of Israel. The measure will force increased disclosure of a corporation's ownership. Foreigners planning to buy 5% or more of a firm's stock will have to report this to the Securities and Exchange Commission 30 days prior to acquisition.
The Administration has taken some actions to head off the legislation. It has set up a committee to see that foreign investments are in the U.S. interest. The committee will also monitor investment volume, gather data, and analyze trends. But this isn't likely to stop legislative action.
THE WHITE HOUSE IS WITHDRAWING SUPPORT
The White House is withdrawing support for more public service jobs. Officials display coolness to massive Federal subsidies to hire the jobless. President Ford is backing an extension of the present program into next year. He joined the Democrats in urging $1.6 billion more be spent on 310,000 jobs. But Ford will staunchly resist plans to place another 700,000 on the rolls.
Officials feel the pro program is having a lesser impact as time goes on. Many cities just use the funds to re-call laid-off employees. That amounts to a U.S. subsidy for government workers, who already have a relatively low unemployment rate.
Officials want to focus new attention on jobs in the private sector. They have dusted off some earlier schemes for a tax credit for firms that maintain a steady employment level.
A KEY LABOR DECISION BY THE SUPREME COURT
A key labor decision by the Supreme Court spells trouble for business. The new ruling, hailed by unions, gives them a voice in disciplining workers. The High Court decided that workers must be allowed to call in shop stewards when supervisors want to talk about subjects that might lead to disciplining. This practice is very common in auto and steel plants, but is not elsewhere. Companies dealing with other than the biggest unions will feel new pressure.
CONGRESS WILL MOVE SOON TO CLAMP TOUGH CONTROLS
Congress will move soon to clamp tough controls on condominium sales. Complaints from condominium buyers are flooding the Department of Housing. The owners detail a lengthy list of charges against the original developers; they cite sales deceptions such as misleading figures on maintenance costs. Officials don't think the states can handle the abuses and a law is needed.
PRESIDENT FORD FACES A SERIOUS CHALLENGE
President Ford faces a serious challenge within the Republican Party. Conservatives are threatening to withhold support for his election in 1976. The signs of right-wing disapproval of the President continue to multiply. Conservatives wince at his new budget, with its huge $52 billion deficit. The right wing now looks to Ronald Reagan. It says it will have the money and the militancy to dominate the Republican convention 18 months from now.
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masonry
April, 1975
23