Panel Raps Ford Oil Floor Price Plan
A congressional panel called the Ford administration proposal for a minimum world oil price a clumsy costly tool that could backfire by guaranteeing OPEC investments and hindering any drop in world prices. They warned a floor could become a large subsidy to producers and shift money from consumers if domestic costs fall below the floor.
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Washington
Ford Administration
Joint Economic Subcommittee On International Economics
Organization of Petroleum Exporting
Henry Kissinger
OPEC
International Energy Agency
Ford Housing Program Aims to Cut Mortgage Costs
U S home buyers can save on monthly payments with a $2 billion government mortgage aid program. The plan lowers top conventional loan rates to 7.34 percent, helps buyers with up to $42 000 mortgages, most for new homes, with 20 percent down. Down payments, limits, and eligibility rules are outlined, including condominium exclusions and points charges. The program totals about 65 000 homes and could be extended and expanded in 1976.
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Felony conviction ends ex Senator's battles
Former Maryland Democrat Daniel Brewster, once a six year legal fight ends with a 10 000 fine after pleading to accepting an illegal gratuity while in office. Judge Hart cites illness alcoholism as a factor in a career ruined by the case.
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Washington
Daniel Brewster
Brewster
George Hart
Hart
Maryland
Senate
Culver Calls Pentagon For New Indian Ocean Naval Base
Iowa Senator John Culver accuses the Pentagon of missile scare tactics to push a new naval base in the Indian Ocean near Berbera Somalia and Diego Garcia. He questions the need and price $9 billion while urging restraint and criticizing diplomatic inaction.
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Cedar Rapids Firemen Honored for 25 Years of Service
Twelve Cedar Rapids fire department members received 25 year service certificates at the Cedar Rapids Marion Area Chamber of Commerce fire prevention bureau meeting. William C. Fletcher presented the awards at the central fire station. recipients include fire marshal Kenneth Anderson, assistant chiefs Derald Carter and Herman Frueh, district chiefs William Diouhy and James Harris, captain William Sager, lieutenant Joseph Hostak, inspector captains Harold Fillenworth and Edward Suchan, inspector lieutenant Marvin Heath, and firefighters James Byrnessind and Richard Kretchmar.
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William C. Fletcher
Chamber of Commerce
Central Fire Station
Kenneth Anderson
Derald Carter
Herman Frueh
William Diouhy
James Harris
William Sager
Joseph Hostak
Harold Fillenworth
Edward Suchan
Marvin Heath
Cutenant
James Byrnessind
Richard Kretachmar
Jobless Claims Decline Slightly Amid High Unemployment
U S. jobless claims fell to 422 400 in the week ended June 14 down about 21 000 from the prior week yet remain nearly double the level a year ago. The Labor Department also announced 2.1 billion in funding to states and cities to continue financing 310 000 public service jobs through next June.
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Washington
Labor Department
Next Jne
Saigon Accepting Refugees Return Says U N Sources
The Communist government of South Vietnam plans to accept refugees who want to return. The U N High Commissioner for Refugees was told repatriation could begin within weeks. At Camp Pendleton 400 would be returnees, with Do Ngoc Dang calling those initial applicants guinea pigs for many more if no reprisals occur.
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Senate panel backs eliminating interest cap on US savings bonds
The Senate Finance Committee, acting on Treasury input, moved to remove the 6 percent cap on interest for Series E and H bonds. Chair Russell Long said small savers deserve a fair share as the government seeks to issue more debt. Immediate rates could rise, making bonds more attractive than passbook accounts. The panel also proposed extending the maximum maturity of treasury notes from 7 to 10 years and boosting long-term borrowing authority to 20 billion dollars.
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Senate Finance Committee
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Russell Long
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